BoE Governor Mark Carney has been appointed as the United Nations (UN) Special Envoy for Climate Action and Finance. The appointment was announced by UN Secretary-General António Guterres. Mr. Carney will support the climate strategy of UN Secretary-General by galvanizing climate action and transforming climate finance for the 26th Conference of the Parties meeting in Glasgow in November 2020. The key focus will be on shifting the financial system toward mobilizing 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 impact of climate change to the mainstream of private financial decision making and to support the transition to a net zero carbon economy.
Mr. 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. 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. BoE, the UK government and the UK financial sector can play leading roles in making these imperatives happen.” BoE, which 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; therefore, these issues will continue to be an important focus for the Governor ahead of taking up this post.
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Keywords: Europe, UK, Banking, Insurance, Mark Carney, Climate Change Risks, ESG, UN Special Envoy, Paris Agreement, BoE
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