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Mark Carney to have key role in UN climate change
conference
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Mr Carney will help mobilise the financial world
ahead of UK summit
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Banks and business have huge scope to influence
emission reductions
The Prime Minister has appointed the outgoing Bank of
England Governor Mark Carney as a key adviser for the UN climate
change conference, COP26.
met today
with Mr Carney in Downing Street where he confirmed his new role
as the Prime Minister’s Finance Adviser for
COP26.
Mr Carney will help the UK Government to mobilise ambitious
action from across the financial system ahead of the UK summit in
November.
Following their meeting, Prime Minister,
said:
“Mark Carney is an invaluable addition to the COP26 team.
His expertise will help the UK to lead in mobilising businesses
and investors to support our net zero revolution.
“Hosting COP26 in Glasgow will be a golden opportunity for
the UK and the global community as we push for as many countries
as possible to follow our lead and commit to ending their
contribution to climate change by 2050.”
Governor of the Bank of England and
the Prime Minister’s Finance Adviser for
COP26 Mark 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.”
As outgoing Governor of the Bank of England, Mr Carney has
unparalleled experience. During his tenure the Bank of England
was the first central bank to work on the
implications of climate change on the financial
system.
The potential for finance to affect the speed and scale of
how the world reduces its emissions is huge.
Banks, pension funds and insurers have a huge role to play
in directing investment to tackle climate change. But this
requires significant changes in behaviour and considerable new
investment - Mr Carney will advise on how we can achieve
both.
COP26 President Claire O’Neill said:
“I am thrilled that Mark Carney has accepted the position
as our Prime Minister’s Finance Adviser for
COP26.
“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.”
This new role will complement Mr Carney’s work in his
capacity as UN Special Envoy for
Climate Action and Finance, which was announced in December. He
will assume both roles when he steps down as Governor of the Bank
of England early this year.
More than 30,000 people are expected to attend COP26,
including heads of state and government, experts and
campaigners.
Delegates will be discussing ambitious ways in which the
world can lower emissions to keep global temperatures below 1.5
degrees of warming.
