Mark Carney lands first post-Bank of England job

Oscar Williams-Grut
Senior City Correspondent, Yahoo Finance UK
Bank of England governor Mark Carney. Photo: Mike Theiler/Reuters

Bank of England governor Mark Carney has landed his first post-Bank of England job: helping the United Nations (UN) fight climate change.

The Bank of England said Monday that Carney has been named United Nations Special Envoy for Climate Action and Finance.

He will take up the position after he leaves the central bank next year and be paid a token $1 a year for his services.

The role is the first post-Bank of England job announced for Carney, who is expected to step down in 31 January.

As UN special envoy, Carney will be “galvanising climate action” in order to meet UN targets for limiting climate change.

A key responsibility in the new role will be creating a framework for companies to report on climate risk, so that investors can clearly see the risks of climate change to potential investments.

READ MORE: Credit Suisse exec: Firms ignoring climate change could 'go to zero'

“I am honoured to have been asked by the secretary general to take on this important role to help transform climate finance ahead of the COP26 meetings in Glasgow next November,” Carney said in a statement.

“This provides a platform to bring the risks from climate change and the opportunities from the transition to a net zero economy into the heart of financial decision-making.

“To do so, the disclosures of climate risk must become comprehensive, climate risk management must be transformed, and investing for a net-zero world must go mainstream. The Bank of England, the UK government and the UK financial sector can play leading roles in making these imperatives happen.”

Carney has made climate risk and climate change a key focus of his time at the Bank of England, first raising the financial risk posed by warming temperatures in a speech in 2015. More recently the Bank of England has committed to introducing regular climate risk tests for big banks.

READ MORE: UK government tells banks to go green in anti-carbon push

Brad Fried, chair of court at the Bank of England, said: “The appointment of the Governor to the role of Special Envoy is testament to the global recognition for his work – and the work of the Bank of England – in encouraging leaders in business and finance to change their approach to climate change.

“The Bank is delighted he will continue to take forward this work after he steps down from his role as Governor.”

Carney’s appointment was announced to coincide with a UN climate summit that begins in Madrid on Monday.

Billionaire US presidential candidate Michael Bloomberg was the last person to hold the position of United Nations Special Envoy for Climate Action and Finance.

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