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

230 new COVID-19 cases reported over the weekend

City of Red Deer has nine active cases

Conservatives call for Trudeau to testify at committee on WE Charity deal

Ethics Commissioner Mario Dion is already investigating whether Trudeau violated the Conflict of Interest Act

Genetic detectives begin work to trace spread of COVID-19 in Canada

The kinds of genetic technology being used for this project did not exist when SARS hit Canada in 2003

Quebec police continue search for father, one day after missing girls found dead

Bodies were found in a wooded area of Quebec City suburb

Red Deer up to 4 active COVID-19 cases

Province announced 77 new confirmed cases across Alberta Friday

QUIZ: Are you ready for a summer road trip?

How much do you really know about roads, motor vehicles and car culture? Take this quiz to find out.

Canadian professional chuckwagon racer reflects on cancelled season

This year would have marked Troy Dorchester’s 28th year of racing.

Crowds in Sylvan Lake “commonplace” during summer months

The Town of Sylvan Lake looking for solutions from Province for large crowds not social distancing

Look out, Mars: Here we come with a fleet of spacecraft

Three countries sending unmanned spacecraft

Canmore RCMP respond to multiple hiking injury calls this weekend

EMS and RCMP responded to three separate and unrelated hiking accidents in Kananaskis Country.

How Conservative leadership hopefuls would address the WE scandal if they win

The ethics commissioner has been called in to see if Trudeau broke conflict-of-interest law

Most Read