<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><span style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">Financial Times May 21 2018</span><br style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><span style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">Climate change </span><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><b class="">Bank of England urged to act on lenders’ climate change risks</b></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><a href="https://www.ft.com/content/b050c6ea-5cfc-11e8-ad91-e01af256df68" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.ft.com/content/b050c6ea-5cfc-11e8-ad91-e01af256df68&source=gmail&ust=1527098762535000&usg=AFQjCNHBut0IMV7Mr7Oz9zgJvr28U3g81g" style="color: rgb(17, 85, 204);" class="">https://www.ft.com/content/<wbr class="">b050c6ea-5cfc-11e8-ad91-<wbr class="">e01af256df68</a> </div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">Hedge fund manager Christopher Hohn calls for strict rules and greater disclosure</div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">The Bank of England has been urged to introduce strict rules on how banks deal with the risks of climate change by activist investor Christopher Hohn, who warned that failing to act could endanger the long-term stability of Britain’s banking system. </div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">The hedge fund manager, who runs TCI Fund Management, wrote to Mark Carney, BoE governor, <span class="aBn" data-term="goog_86044092" tabindex="0" style="border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">on Monday</span></span> arguing that while UK banks are exposed to a wide range of “serious climate-related risks” through their loan books, the current disclosure regime means there is inadequate information for investors. </div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">He called on Mr Carney “to fix this serious problem” by making it mandatory for banks to compel corporate borrowers to disclose the risks they face from climate change. The letter said this should be done in line with guidance from the Taskforce on Climate-related Financial Disclosures, a voluntary initiative encouraging companies to provide more details about the impact global warming could have on their business. </div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div style="color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class=""><br class=""></div><div class="">
<div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">~~~~~~~. Hydrology 101. ~~~~~~~~~~<br class=""><br class="">“A fundamental characteristic of the hydrologic cycle is that it has no beginning an it has no end. It can be studied by starting at any of the following processes: evaporation, condensation, precipitation, interception, infiltration, percolation, transpiration, runoff, and storage.”<br class=""><br class=""><a href="https://www.nwrfc.noaa.gov/info/water_cycle/hydrology.cgi" class="">https://www.nwrfc.noaa.gov/info/water_cycle/hydrology.cgi</a></div>
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