Mark Carney, the governor of the Bank of England, addressed the insurance industry on climate change [in 2015]. He dropped a bombshell on the oil industry. His message was twofold. First, if the world seriously intended to limit global warming to 2C, most of the coal, oil and gas reserves in the ground would be left stranded", or unrecoverable. Second, a task force would be set up to prompt companies to disclose how they planned to manage risks and prepare for a 2C world, similar to the one created to improve risk disclosure by banks after the financial crisis. Mr Carney's remarks presaged a change in attitude towards oil companies by governments, financial regulators and investors that has become clearer since the Paris climate-change agreement last December. The Securities and Exchange Commission, America's stockmarket regulator, is investigating whether ExxonMobil, the country's biggest oil company, values its untapped reserves appropriately in light of the recent halving of oil prices and potential regulatory action on climate change. In October it said it might write down about one-fifth of its reserves. The company has faced related probes by New York's attorney-general. The industry may come under further pressure. If measures to stop global warming are fully implemented, oil-company revenues could fall by more than $22trn over the next 25 years, more than twice the predicted decline for the gas and coal industries combined.