PM appoints Mark Carney as finance adviser for COP26

The Bank of England (BoE) has announced that outgoing Governor, Mark Carney, has been appointed as Boris Johnson’s finance adviser for COP26.

The 2020 United Nations Climate Change Conference, also known as COP26, is the 26th United Nations Climate Change conference, and will be held in Glasgow during November.

According to the BoE, the appointment will help build a sustainable financial system to ‘support the transition’ to a net zero economy.

Carney’s key focus will be to mobilise the action across the financial system needed to help achieve the 1.5°C goal of the Paris Agreement – which the BoE suggests will include building the frameworks for financial reporting, risk management and returns to bring the impacts of climate change to the mainstream of private financial decision making.

“I am honoured to have been appointed by the Prime Minister as the finance adviser for COP26 in Glasgow,” Carney said. “The combination of these critical meetings and the UK’s global leadership in financial services provides a unique opportunity to address climate change by transforming the financial system.

“To seize it, all financial decisions need to take into account the risks from climate change and the opportunities from the transition to a net zero economy.

“The UK has a plan to do just that, and I look forward to working with the private sector, HM Government, the BoE and all stakeholders to help make this promise of sustainable finance a reality.”

In December, it was announced that FCA head, Andrew Bailey, would become the new Governor of the BoE and is set to take over Carney's role from 16 March 2020.

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