Briefing

Mark Carney to be UN special envoy on climate action and finance

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The Bank of England governor, certainly among the Northwest Territories’ most famous exports, will be tasked with sensitizing the world’s business and financial sectors to the dangers of climate change—and to the economic benefits of going green. (Financial Post)

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Talking point: Carney and Michael Bloomberg can take some credit for the mainstreaming of climate-focused sustainable finance. In 2015, the Bank of England governor and the billionaire former New York City mayor spearheaded a global initiative called the Task Force on Climate-Related Financial Disclosures (TCFD). Its landmark 2017 report laid out 15 climate-related metrics—like emissions levels, water and land use—for organizations to measure and report on, and included recommendations on how to gauge climate risk. Last June, the Canadian government released its own report based on Carney’s initiative. His appointment takes effect next year, though Carney said he may stay on as governor should Britain’s exit from the European Union be as challenging as many have predicted.