Former BOE’s Mark Carney to focus on ESG at Canadian asset manager Brookfield
Carney was a UN special envoy on climate change and will now concentrate on environmental, social and governance investing
London — Former Bank of England (BOE) governor Mark Carney is joining Canadian asset management company Brookfield to head its green investment programme, in his first major business role since leaving Britain’s central bank in March.
Carney, who was governor of the Bank of Canada from 2008 to 2013 and started his career at Goldman Sachs, regularly spoke on environmental issues while at the BOE and encouraged banks to take a greater interest in the risks from global warming.
“Mark has been a vocal proponent of the positive role that private capital can play in climate action,” Brookfield CEO Bruce Flatt said in a statement announcing Carney’s appointment.
The appointment comes just a week after Canadian Prime Minister Justin Trudeau appointed his close ally and deputy Chrystia Freeland as finance minister.
Previously, Carney had been giving Trudeau advice on economic policy, in addition to his role as a UN special envoy on climate change and finance, and helping Britain’s government prepare for a UN climate summit in 2021.
While at the BOE, Carney was one of the world’s best paid central bankers with remuneration of £882,885 including pension benefits and a housing allowance during the last financial year.
Carney will be a vice-chair of Brookfield and oversee its environmental, social and governance-focused (ESG) investment strategies. “An accelerated transition to a net-zero economy [is] imperative for climate sustainability and one of the greatest commercial opportunities of our time,” he said.
Brookfield manages about $550bn of assets, including commercial property, hydroelectric dams and wind farms, as well as a large Australian port focused on coal exports and western Canada’s biggest natural gas processing plant.
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