The governor of the Bank of England has issued a sharp warning about the financial risk of investing in fossil fuels. Mark Carney said Tuesday night that investors could face potentially huge losses if reserves of oil, coal and gas are deemed “unburnable.” Environmental groups have long warned companies of the financial risks of not divesting from fossil fuels. Carney said the window for fossil fuel divestment is closing.

Mark Carney: “The combination of the weight of scientific evidence and the dynamics of the financial system suggest that in the fullness of time climate change will threaten financial resilience and longer-term prosperity. While there’s still time to act, the window is finite and is closing.”