Analysis
The 'tragedy of the horizon' concept, as described by Carney, aligns with scientific consensus that climate change effects (e.g., rising temperatures, sea levels) manifest over decades or centuries, yet are driven by current emissions and policies. The statement underscores the intergenerational responsibility of climate action, a widely accepted principle in climate science and economics.
Background
Carney, then Governor of the Bank of England, delivered this speech at Lloyd's of London in 2015 to highlight financial risks posed by climate change. The 'tragedy of the horizon' phrase was coined to describe the mismatch between short-term economic incentives and long-term environmental consequences.
Verdict summary
Mark Carney's statement accurately reflects the long-term nature of climate change impacts and the urgency of present-day decisions.