Bank of England's Carney to become U.N. climate finance envoy

(Reuters News, 1 Dec 2019) Outgoing central bank governor Mark Carney has been "a remarkable pioneer in pushing the financial sector to work on climate", says UN chief Guterres.

Bank of England Governor Mark Carney will lead a push by the United Nations to make the finance sector take proper account of the risks posed by climate change, U.N. Secretary General Antonio Guterres said on Sunday.

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

He told a news conference before a U.N. climate summit in Madrid beginning on Monday that Carney would be the U.N. special envoy on climate action and climate finance from next year.

Michael Bloomberg, billionaire owner of the Bloomberg financial data and news service and former New York City mayor, was the U.N. special envoy for climate action until he stepped down in November, shortly before filing paperwork to run for U.S. president.

Carney first spoke of the risks that climate change poses to finance in 2015, and since then has urged better risk management, supervision and disclosure.

He has spoken of "stranded assets" - deposits of coal, oil and gas that might lose their value if the world shifts away from carbon - and decried a lack of transparency about the effect on global warming of trillions of dollars of potential investments.

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Reuters News, 1 Dec 2019: Bank of England's Carney to become U.N. climate finance envoy