Mark Carney to become UN special envoy on climate, earning 77p a year

It was announced that Mark Carney will become the UN special envoy for climate action and finance once his seven-year term in Threadneedle Street ends on 31 January.

The appointment could end speculation over whether he would continue in the role beyond that date, following several earlier extensions to his tenure due to Brexit.

There was speculation that Mr Carney may be asked to remain in post for even longer, because the naming of his replacement at the Bank of England has been delayed by the general election.

Michael Bloomberg, the billionaire and former New York City mayor, stepped down from a similar UN role last month when he confirmed he was running in next year’s US presidential election.

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

He said: “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 COP26 meetings in Glasgow next November.

“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.

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

Speaking ahead of the UN Climate Summit in Madrid, UN Secretary-General Antonio Guterres described Mr Carney as “a remarkable pioneer in pushing the financial sector to work on climate”.

He first spoke of the risks that climate change poses to finance in 2015, and since then has urged better risk management, supervision and disclosure.

The Bank said Mr Carney would earn a token $1 (77p) per year in his new role – almost £900,000 less than his current package.

2019-12-02T12:05:57+00:00By |

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