Sunday, December 01, 2019

Mark Carney - UN Climate Envoy

Ex-governor of the Bank of Canada, outgoing governor of the Bank of England, Mark Carney is to be appointed the UN's special envoy on climate action and climate finance.
Speaking at a news conference ahead of a climate summit that opens in Madrid on Monday, [Secretary-General Antonio] Guterres described Carney as "a remarkable pioneer in pushing the financial sector to work on climate." 
Carney, who is due to step down as head of the Bank of England in January, has urged the financial sector to transform its management of climate risk, and led various international initiatives to improve supervision and disclosure. Carney also served as Bank of Canada governor from 2008 to 2013. 
Guterres warned that not enough was being done by world leaders to combat climate change and called for action. 
"For many decades, the human species has been at war with the planet and the planet is fighting back ... we must stop our war against nature and science tells us that we can do it," said the UN chief. 
"The World Meteorological Organization (WMO) is releasing its state of the climate report at this conference and its findings are clear. The last five years have been the hottest ever recorded, sea levels are the highest in human history, ice caps are melting at unprecedented speeds and the oceans are becoming more acidic with all its consequences," he added.
I'm certain of one thing. This will be the toughest job Carney has ever tackled.


Marg said...

Odd choice at first hearing, but not when considering how money/profits are now fully established as the only true meaning of life on earth. Since 2008 and the total capitulation of all governments to forget to fully investigate and proceed to naturally expected criminal charges against all OTC derivative/investment firms suspected of global fraud. Its been a forgone conclusion that democracies would be left to wither...and so they have.

This appointment of a financial banker/overseer is to be expected and in most corners welcomed, as prudent especially for the 1%. The last area of concern is his lack of environmental/scientific knowledge/experience, normally needed to assess different models/plans or long-term risk assessments. Time will tell if denying climate change, has been replaced by a constant review or myopic focus on 'those with truly large, bottom lines.

The Mound of Sound said...

Marg, I think you misjudge Carney. Like his predecessor, the Bank of England governor has been relentless in his campaign against fossil fuels and the resulting Carbon Bubble.

With more than $27-trillion in proven fossil energy reserves subscribed on the stock markets and bourses of the world, should that Carbon Bubble burst (when, not if), the world will face a 1929-scale collapse that will impact every corner of the planet. Yet that much wealth could be wiped out in a matter of a few days.

Banks, pension funds and institutional investors are incredibly vulnerable should that Carbon Bubble burst and that's really just a matter of market confidence, nothing else.

Give Carney his due. He's a veteran campaigner on climate change, approaching it from an economic standpoint.

Anonymous said...

I'd like to know how Mark Carney will be protecting his children from ruin?

Marg said...

Wait too late to keep giving 'chances'. So many extinctions so many lakes, rivers, military base pollution sites--simply left for 50 years. Instead of dealing with any of the immense pollution we have still to even get back what we saw stripped and destroy by Harper over the 10 years our media and opposition looked and saw but said little but 'Harper has done it again, then total silence. If you think I am pushing it a bit please ck with CBC News last interview with main runners before Trudeau was 1st elected. Harper was treated as though he had never been called 'the WORST PM IN CANADIAN HISTORY' by none other than the Globe & Mail.

This is a small example but it covers all we as a country of fairly smart people, work so hard and thought our votes did what they were supposed to do--change as per the pre-election promises.

Marg said...

To Anonymous---the skinny is Mark Carney like so many of our mis-appointed elites ...won't. But he and the rest of the 1% he works for no longer 'give a rat's butt'...
They are now the real power and the proof is that ---there was no investigation into the global fraud in 2008---and bank bailouts were processed (even in Canada) see Harper's 2009 budget ....Its now part of our yearly budget ---that customers of all our banks will be 'used' as fodder to bail out the bank where their assets are. (only exclusion --unlike Trump's quiet law )--we in Canada won't see our deposits touched...(120 billion was quietly distributed to our 5 banks thru Crown Corps etc by Harper in 2009). So smug is not really a state for us ....

Anonymous said...

Marg....I remember when Harper said...."our Canadian Banks were not affected by the 2008 fiasco. Canada operates on so many "loop holes" it will take eons to clean up even if a group of people were given carte blance freedom to do so. I really don't know why most Canadians don't or refuse to know just how much Canadians lose every time Americans blow their noses or the UK for that must have something to do with all that money invested by people who sit in favour of people like Carney.

Marg said...

Some vital information and source research has and is available for any one to finally see the devastating impact not dealing under law with the massive global fraud utilizing OTC derivatives. See/subscribe to a newsletter by 2 ex-traders, "Wall Street on Parade'.

Current investigations are showing the results of not stopping this wholesale derivative fraud mess in 2008.
Now these same so-called investment firms, banks and corporations are mired in the double digit trillions of outstanding derivative contracts. Enough so that even the conservative IMF is more than a wee bit worried, pleading for deleveraging ---before and since.
To no avail its as though the means to bet thru derivatives encourages all perpetrators to bet for recession by betting against stability, and 'to Hell with the consequences for global integrity.
Keep in mind, all derivatives held by banks are not by their very contracts the responsibility of hedge fund owners. Hedge funds having an exclusive base, demands they get paid fully, no matter if the bank fails or a domino levying on taxpayers. Banks are solely supreme, their misjudgments become the customers liability. In the US Trump passed a new law furthering that responsibility to include all deposits not just assets. So you see how defeating this 11 year inaction is. People in the final dip, are treated with total indifference to the point of indenture.
As mentioned before, our bank bailouts still target customers but not their deposits. See federal budgets (yearly).

Marg said...

I must make a correction--I was led to believe that Pam and Russ Martins were traders they are in fact journalists who work the financial beat of Wall Street. I can say they offer little in speculation but rather give info and cite quotes and committee hearings, as their body of facts. Take care.