The governor of the Bank of England, Mark Carney, has warned that climate change poses a huge threat to global financial and economic stability.

Speaking a gathering of insurers at Lloyd's of London, Mr Carney pointed towards the financial implications of a growing number of weather-related disasters, particularly for insurers.

He warned that the current generation have little incentive to tackle climate change, and said "once climate change becomes a defining issue for financial stability, it may already be too late".

Mr Carney said: "The challenges currently posed by climate change pale in significance compared with what might come.

"The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security."