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

Not over yet: Mixture of snow, freezing rain on way as winter storm tapers in Lower Mainland

Environment Canada releases weather alert for Metro Vancouver, Fraser Valley

Surrey’s newest task force aims to find ‘innovative’ ways to bring in revenue

McCallum says city’s revenue sources shouldn’t ‘completely rely on the taxpayer all the time’

Calling a snow day – or not – is a big decision for Surrey public schools

There’s much to consider before cancelling classes for 73,948 Surrey students

White Rock RCMP tells public to yield to pedestrians at marked crosswalks

Police force received a number of complaints about crosswalk safety

No Surrey Knights or White Rock Whalers on league all-star team

PJHL squad will battle Vancouver Island league standouts in Delta on Jan. 26

Fashion Fridays: Look your best this year

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Oil and gas industry applauds Supreme Court’s dismissal of B.C. TMX case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

Airliner crash a mistake that pleased Iran’s enemies: Supreme Leader Khamenei

Iran’s supreme leader says dowining of Flight 752 was a bitter accident in rare sermon

Sub-zero B.C. weather freezes clothing in just 45 minutes

A local photographer decided to have some fun with the frosty weather before its gone

VIDEO: Missing cat reunited with Vancouver Island family after three months

‘It was like one day she was there, the next day she was gone,’ said owner

Special prosecutor to review Cranbrook toddler drowning case

Evidence disclosure at issue in the case of a woman sentenced for criminal negligence causing death

UPDATE: Supreme Court dismisses B.C.’s appeal in Trans Mountain pipeline case

Judges decide whether B.C.’s power to protect environment can include impeding a federal project

10 B.C. cities break temperature records in winter storm

Quesnel dipped to -41.9 C, breaking a record from 1916

Most Read