Mark Carney appointed UN envoy for climate change
Governor of Bank of England to take up new role at the end of January
The Governor of the Bank of England, Mark Carney, has been appointed United Nations Special Envoy for Climate Action and Finance.
The BBC says the special envoy post “is a pro bono position that is undertaken essentially for free” and that the UN will pay Carney just $1 a year for the work when he steps down as governor of the Bank of England at the end of January.
Carney will be tasked with mobilising private finance to take climate action and help transition to a net-zero carbon economy for the 26th Conference of the Parties (COP) meeting in Glasgow in November 2020.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
This will include building new frameworks for financial reporting and risk management, as well as making climate change a key priority in private sector financial decision making.
Billionaire former New York Mayor Michael Bloomberg, who recently entered the race to become the Democratic US presidential candidate, was the last person to hold the post. Bloomberg worked with the UN on climate change-related issues from 2014 to 2019.
Speaking at a news conference ahead of a climate summit in Madrid this week, UN Secretary General Antonio Guterress described Carney as “a remarkable pioneer in pushing the financial sector to work on climate”.
Reuters reports that Carney “has urged the financial sector to transform its management of climate risk, and led various international initiatives to improve supervision and disclosure”. In October, he told The Guardian that companies and industries that are not moving toward zero-carbon emissions will be punished by investors and face bankruptcy.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––
His successor at the Bank of England has not yet been named after the selection process was disrupted by Brexit and the upcoming general election.
Bloomberg says that there is “boosted speculation [Carney] may be asked to extend his term at the Bank of England for a third time”, although Chancellor Sajid Javid said last month that his party would appoint a new chief “very, very, quickly” if it wins the election.
“The Canadian has given little indication of what he wants to do after leaving Threadneedle Street” says City A.M., adding that “the UN climate job suggests he will seek an active role in global affairs”.
-
How climate change poses a national security threatThe explainer A global problem causing more global problems
-
The Earth is getting darkerUnder the radar The planet’s reflectivity is out of whack
-
Scientists want to use enhanced rock weathering to cool the EarthUnder the radar Rock dust could trap atmospheric carbon
-
Icarus programme – the ‘internet of animals’The Explainer Researchers aim to monitor 100,000 animals worldwide with GPS trackers, using data to understand climate change and help predict disasters and pandemics
-
China vows first emissions cut, sidelining USSpeed Read The US, the world’s No. 2 emitter, did not attend the New York summit
-
How clean-air efforts may have exacerbated global warmingUnder the Radar Air pollution artificially cooled the Earth, ‘masking’ extent of temperature increase
-
Earth's seasons are out of whackUnder the radar The seasons' unfixed nature in different regions of the planet may have impacted biodiversity and evolution
-
When does autumn begin?The Explainer The UK is experiencing a 'false autumn', as climate change shifts seasonal weather patterns

