On Thursday, February 27, 2020, the Governor of the Bank of England (BOE), Mark Carney appealed the people and investors of England to help speeding up the country’s transformation of an eco-friendly environment. Calling a transition to a low-carbon future of England, he talked about the citizens’ initiatives to usher in a new era where every professional financial decision must take climate change into account.
Carney has been vocal in the implementation of a rigorous policy for addressing the climate change problems and is due to take charge as United Nations (UN) special envoy on climate finance next month after stepping down from his current position of governorship.
Carney Seeking the Intention of Investors
Carney, who was appointed as the advisor of British Prime Minister Boris Johnson for the November 9-20 Climate summit in Glasgow, Scotland, sought the intention of Investors to invest in ecofriendly industries ahead of the summit.
Considering the urgent needs of global cooperation, Carney claimed to exert influence on the UN representatives to encourage a range of initiatives for the world’s leading investors in the November summit. Keeping the view to prevent the increasing threat of global warming, he shared his opinion on the world’s financial leaders to pursue a massive allocation of their capital to industries working for a clean environment.
At an event at London’s Guildhall on Thursday, Carney explained the needs of global efforts in mitigating the climate change issues, “Given the scale of the climate challenge and the rising expectations of our citizens, 2020 must be a year of climate action where everybody’s in, and that includes the world’s leading financial center.”
The Guildhall event was part of the “Private Finance Agenda” which concerned to take into account climate factors in financial decision making. As BoE said in a statement, “The objective is that every professional financial decision will need to take climate change into account.”
Zero Carbon Emission Target by 2050
Carney also suggested that companies needed to be more transparent about the risks they have been facing in a rapidly rising global temperature and to allow investors to calculate the impact of their contribution towards climate change issues.
Through these measures, the financial industry could bring a transformational change in overall businesses including energy, agriculture, heating, transport, and fashion that would lead Britain in achieving its goal of net-zero carbon emissions by 2050.
The newly appointed Business Minister, Alok Sharma of the Johnson administration, who was appointed as the president of the finance summit this month, supported Carney’s call and urged London’s financial center to speed up for the expected transformation.
Sharma said citing the statement of the BOE, “We are calling on action from everyone — businesses, civil society and each part of the global financial system to meet the 2015 Paris Agreement goals.” the BOE officials said, ‘a broadcaster David Attenborough was due to open the event by laying out the magnitude of the threat posed by climate change.”
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