BoE’s Carney named United Nations Special Envoy for Climate Action and Finance

  • By AB+F Editorial

United Nations Secretary-General António Guterres announced the appointment of Bank of England governor, Mark Carney, as UN Special Envoy for Climate Action and Finance.

A key focus for Carney will be on shifting the financial system towards mobilising private finance to the levels needed to achieve the 1.5°C goal of the Paris Agreement. 

This will include building the frameworks for financial reporting, risk management and returns 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. 

The Bank of England is a founding member of the Network for Greening the Financial System and the Sustainable Insurance Forum, has been at the forefront of international efforts to understand and address the financial risks from climate change and therefore these issues will continue to be an important focus for the governor ahead of taking up this post.

“I am honoured to have been asked by the Secretary-General to take on this important role to help transform climate finance ahead of the Conference of the Parties meetings in Glasgow next November,” Carney said.

This provides a platform to bring the risks from climate change and the opportunities from the transition to a net zero economy into the heart of financial decision-making,” he said.

“To do so, the disclosures of climate risk must become comprehensive, climate risk management must be transformed, and investing for a net-zero world must go mainstream.  

“The Bank of England, the UK government and the UK financial sector can play leading roles in making these imperatives happen.”