The Prime Minister has appointed the outgoing Bank of England Governor Mark Carney as a key adviser for the UN climate change conference, COP26 which will take place in Glasgow, Scotland in November.
He has been appointed as the Prime Minister’s Finance Adviser for COP26 - ahead of the UK summit will help the UK Government to mobilise ambitious action from across the financial system .
Mark Carney said:
“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.”
Boris Johnson said the Bank of England Governor was an invaluable addition to the COP26 team and his expertise would help the UK to lead in mobilising businesses and investors to support its net zero target.
As outgoing Governor of the Bank of England, during his tenure the Bank 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 major role to play in directing investment to tackle climate change.
The new role will complement Mark 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.
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