Mark Carney the Governor of the Bank of England listens to a journalist’s question during a Financial Stability Report press conference at the Bank of England in the City of London, Thursday, July 11, 2019. THE CANADIAN PRESS/AP-POOL, Matt Dunham

Former Bank of Canada governor to serve as UN special envoy on ‘climate action’

Carney drew international recognition during the five years at the helm of the Bank of Canada

Bank of England governor Mark Carney, who previously served as Canada’s top central banker, will be taking on a new role as the United Nations’ special envoy on climate action and climate finance.

U.N. Secretary-General Antonio Guterres made the announcement while speaking to reporters in Madrid on Sunday, adding the move will take effect next year.

Carney was due to step down as bank governor early next year, having already extended what was meant to be a five-year term.

During his tenure, the former investment banker played a key role in trying to manage the British economy as the country prepares to leave the European Union.

Carney drew international recognition during the five years at the helm of the Bank of Canada, and at one point was named on Time magazine’s “most influential” list.

He took over the job at the beginning of 2008 amid the first signs of the financial crisis, and has been widely credited for helping Canada weather the recession by keeping interest rates low.

In 2011, he was also appointed to oversee global financial reforms as head of the Financial Stability Board.

He has been speaking for years on the implications of climate change initiatives for the financial sector in the world, and emphasized the importance of ensuring that the financial system is resilient so that it can adjust and finance the transition to a low-carbon economy efficiently.

Carney, who hails from the Northwest Territories, has an undergraduate degree in economics from Harvard University and both a master’s and doctorate in economics from Oxford University.

He spent more than a decade with Goldman Sachs in London, Tokyo, New York and Toronto before joining the Bank of Canada in 2003 as deputy governor.

ALSO READ: Today’s babies won’t know life without climate change, new report warns

– with files from The Associated Press

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

94 new cases of COVID-19 in Alberta on Wednesday, two more deaths

1,146 active cases with 9,891 recovered cases

COVID-19: One more death reported in central zone

Number of active cases has decreased by more than 200 since last week

Rural Rimbey overrun with abandoned cats

Who captures stray cats in Ponoka County?

Yellow Thunder back up and flying

Aerobatic team just starting to return after pandemic grounded them

Ermineskin Cree Nation plans for growth

Nation to expand reserve lands by 50 per cent

Protestors for Indigenous Lives Matter gather in Wetaskiwin

Protestors gathered along 56 St Wetaskiwin, Alta. August 4, 2020 for Indigenous Lives Matter.

Feds look to finalize deal with airlines amid contact tracing concerns

Feds look to finalize deal with airlines amid contact tracing concerns

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Booking.com cuts workforce by thousands as travel atrophies

Booking.com cuts workforce by thousands as travel atrophies

Ford COO Jim Farley to lead company, CEO Hackett to retire

Ford COO Jim Farley to lead company, CEO Hackett to retire

Stingray CEO expects rapid growth as COVID’s impact fades, new services unfold

Stingray CEO expects rapid growth as COVID’s impact fades, new services unfold

TSX closes higher as energy, loonie strengthen and gold reaches another record

TSX closes higher as energy, loonie strengthen and gold reaches another record

Young Canadians, hospitality workers bear the brunt of mental strain in 2020: report

A study by Morneau Shepell points to economic uncertainty in the pandemic as the cause for angst

Abbotsford mom worried about her two kids in Beirut following explosion

Shelley Beyak’s children were abducted by their dad in 2018

Most Read