Finance News

Boris appoints Mark Carney as climate change finance adviser

FCA chief Andrew Bailey will become the new Bank of England governor in March.

Rozi Jones
|
16th January 2020
Mark Carney
"The Governor’s expertise will be a huge boost in helping us to harness the power of global financial markets, companies and investors to hit net zero emissions."

Outgoing Bank of England governor, Mark Carney, has been appointed as the Prime Minister’s finance adviser for the UN Climate Change Conference, COP26.

COP26 aims to help build a sustainable financial system to support the transition to a net zero economy.

Carney's key focus will be mobilising ambitious action from across the financial system needed to help 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 economy.

In December, the United Nations has appointed Carney as UN Special Envoy for Climate Action and Finance to help achieve the 1.5°C goal of the Paris Agreement.

Andrew Bailey, currently chief executive officer of the FCA, will become the new Bank of England governor in March.

Carney said: “I am honoured to have been appointed by the Prime Minister as the finance adviser for COP26 in Glasgow. The combination of these critical meetings and the UK’s global leadership in financial services provides a unique opportunity to address climate change by transforming the financial system.

"To seize it, all financial decisions need to take into account the risks from climate change and the opportunities from the transition to a net zero economy.

"The UK has a plan to do just that, and I look forward to working with the private sector, HM Government, the Bank of England and all stakeholders to help make this promise of sustainable finance a reality.”

COP26 president, Claire O’Neill, added: “Everyone has to be in if we are to successfully tackle climate change and the Governor’s expertise will be a huge boost in helping us to harness the power of global financial markets, companies and investors to hit net zero emissions.

“I’m looking forward to working with Mr Carney as November approaches and I hope together we can influence real change in the finance sector.”

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