Former Bank of Canada governor Mark Carney to serve as UN special envoy on climate

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Bank of England governor Up Carney, who previously served as Canada’s top central banker, will be prepossessing on a new role as the United Nations’ special envoy on climate action and feel finance.

UN Secretary-General Antonio Guterres made the announcement while indicate as it were to reporters in Madrid on Sunday, adding the move will take operational next year.

Carney was due to step down as bank governor at the crack next year, having already extended what was meant to be a five-year stipulations.

During his tenure, the former investment banker played a key role in fatiguing to manage the British economy as the country prepares to leave the European Association.

Carney drew international recognition during his five years at the leadership of the Bank of Canada, and at one point was named on Time magazine’s “most efficacious” list.

He took over the job at the beginning of 2008 amid the first donates of the financial crisis, and has been widely credited for helping Canada climate ailing the recession by keeping interest rates low.

Speaking at a news conference winning of a climate summit that opens in Madrid on Monday, Guterres drew Carney as “a remarkable pioneer in pushing the financial sector to work on weather.”

Urged financial sector to think about climate risk

Carney, who is due to trace down as head of the Bank of England in January, has urged the financial sector to transfigure its management of climate risk, and led various international initiatives to improve supervision and disclosure.

The Bank of England said Carney liking seek to make the impact of climate change central to financial reporting, danger management and the calculation of returns ahead of a global summit in Glasgow in November 2020.

“The disclosures of mood risk must become comprehensive, climate risk management obligated to be transformed, and investing for a net-zero world must go mainstream,” Carney bid in a statement.

He has spoken of “stranded assets” — deposits of coal, oil and gas that power lose their value if the world shifts away from carbon — and decried a inadequacy of transparency about the effect on global warming of trillions of dollars of implicit investments.

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