BoE Governor Appointed as UN Envoy for Climate Action and Finance
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.
Related Link: News Release
Keywords: Europe, UK, Banking, Insurance, Mark Carney, Climate Change Risks, ESG, UN Special Envoy, Paris Agreement, BoE
Previous Article
EC Adopts Rules to Prevent Mis-Selling of Insurance ProductsRelated Articles
BIS Paper Outlines Vision for Future Financial System
In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.
NGFS Outlines Options for Supervisory Review of Transition Plans
The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.
BCBS Issues Discussion Paper on Climate Scenario Analysis
The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
CFIT to Chair Open Finance Taskforce Announced by UK Government
The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU