The heads of two major central banks have written a stark warning about the financial risks of climate change.

Bank of England governor Mark Carney and France’s François Villeroy de Galhau set out the dangers to the global economy in an open letter.

“If some companies and industries fail to adjust to this new world, they will fail to exist,” they wrote.

The letter was co-signed by the chair of the climate-focused Network for Greening the Financial System (NGFS).

The NGFS is a coalition of 34 central banks which was formed in 2017, with the Bank of England as a founding member. It released its first major report into climate-related financial risks on 17 April.