The outgoing Bank of England governor is to be a principal adviser to the government ahead of the UN climate change conference, COP26.

Prime Minister Boris Johnson announced that the position would be taken up by Mark Carney on Thursday at a press conference. 

His role will include advising on how best to push financial institutions to “significant changes in behaviour, and considerable investment”, to counteract climate change.

Mr Johnson noted: “Mark Carney is an invaluable addition to the COP26 team. His expertise will help the UK to lead in mobilising businesses and investors to support our net zero revolution.

“Hosting COP26 in Glasgow will be a golden opportunity for the UK and the global community as we push for as many countries as possible to follow our lead and commit to ending their contribution to climate change by 2050.”

Mr Carney said: “I am honoured to have been appointed by the Prime Minister as the Finance Adviser for COP26 in Glasgow.  

“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 Bank of England and all stakeholders to help make this promise of sustainable finance a reality.”

COP26 president Claire O’Neill went on to say: “Everyone has to be in if we are to successfully tackle climate change and the Governor’s expertise will be a huge boost in helping us to harness the power of global financial markets, companies and investors to hit net zero emissions. 

“I’m looking forward to working with Mr Carney as November approaches and I hope together we can influence real change in the finance sector.”

Some 30,000 delegates will attend COP26, including heads of state, analysts and activists.

 

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