Mark Carney, OC, Governor of the Bank of England and former Governor of the Bank of Canada, has been appointed by United Nations Secretary-General António Guterres to serve as UN Special Envoy on Climate Action and Finance.
Carney’s appointment a UN Special Envoy will commence when his term as Governor of the Bank of England ends in March 2020. Carney’s previous roles include positions with Goldman Sachs, the Canadian Department of Finance, and from 2011 to 2018, Chairman of the Financial Stability Board, which is an international body that monitors and makes recommendations for the world financial system.
As UN Special Envoy, Carney’s role will be to focus on the implementation of climate action plans, with special attention to significantly shifting public and private finance markets and mobilizing private finance to the levels needed to achieve the 1.5°C goal of the Paris Agreement. This includes building the frameworks for financial reporting, risk management, and returns in order to bring the impacts of climate change to the mainstream of private financial decision making and to support the transition to a net-zero carbon economy.
In an interview recently broadcast on the CBC, Carney compared the climate crisis to a financial crisis, stating that action was “absolutely necessary.” Carney also noted that while thousands of companies around the world have started to make their climate change disclosures public, he said the transition to full disclosure is not happening fast enough.
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