Thursday 16 January 2020 2:39 pm

BoE governor Mark Carney to advise PM on climate change

Outgoing Bank of England governor Mark Carney is to be a key adviser to the government in the run-up to the UN climate change conference, COP26.

Boris Johnson confirmed Carney in the role during a meeting at Number 10 today. The Canadian economist will help the UK government to “mobilise ambitious action from across the financial system” ahead of the UK summit in November.  

Carney will advise on how best to encourage banks, pension funds and insurers to make “significant changes in behaviour, and considerable investment”, with the government convinced the industry has “a huge role to play” in directing investment to tackle climate change.

Johnson 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.”

Carney, who is to be replaced at the BoE by Andrew Bailey in March, 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.”

More than 30,000 people are expected to attend COP26, including heads of state and government, experts and campaigners. 

This new role will sit alongside Carney’s other job as UN Special Envoy for Climate Action and Finance, which was announced in December.

Main image: Getty