Home world UPDATE 1-Bank of England’s Carney to become U.N. climate finance envoy

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UPDATE 1-Bank of England’s Carney to become U.N. climate finance envoy

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By Isla Binnie

MADRID (Reuters) – Bank of England Governor Mark Carney will lead a United Nations effort to get the financial sector to take due account of the risks posed by climate change, UN Secretary-General Antonio said on Sunday. Guterres.

Guterres said the Canadian, who is due to leave the bank on Jan. 31, was "a notable pioneer in pushing the financial sector to work in the climate."

He told a news conference before a UN climate summit in Madrid began on Monday that Carney would be the UN special envoy for climate action and climate finance starting next year.

Carney spoke for the first time about the risks that climate change poses to finance in 2015 and has since called for better risk management, supervision and disclosure.

He spoke of "idle assets" – coal, oil and gas deposits that could lose their value if the world moves away from carbon – and criticized the lack of transparency about the global warming effect of trillions of dollars on potential investment.

The 54-year-old spent nearly seven years in charge of the bank, and previously led the Bank of Canada and worked for Goldman Sachs.

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

"Climate risk disclosures must become comprehensive, climate risk management must be transformed, and investment in a zero net world must become popular," Carney said in a statement.

About 70 countries have pledged to reach net zero – offsetting their greenhouse gas emissions with measures such as carbon capture or tree planting – by 2050.

Last week, Jens Weidmann, head of the Bundesbank, said tackling climate change is a job for governments.

But the new head of the European Central Bank, Christine Lagarde, has promised to discuss sustainability considerations in an impending strategic review.

The Band of England said Carney would earn $ 1 a year in his new post, nearly 900,000 pounds ($ 1.15 million) less than his annual package at the British central bank.

The story goes on

Carney was due to leave in 2018, but stayed to help guide the British economy during the Brexit transition. His successor has not yet been named and Carney has signaled that he will extend his stay beyond January 31 – the date on which Britain should leave the EU – if necessary.

Carney was seen as a candidate for leadership of the International Monetary Fund, but the work went to Kristalina Georgieva, former president of the World Bank. ($ 1 = 0.7994 pounds) (Report by Isla Binnie, essay by William Schomberg; Kevin Liffey edition)

. (tagsToTranslate) Mark Carney (t) Bank of England (t) Antonio Guterres (t) climate change (t) climate risk (t) United Nations

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