Canada-based asset manager Brookfield has recruited Mark Carney, the former governor of the Bank of England and Bank of Canada, to oversee the firm’s ESG-focused investment strategies.
Carney has been appointed as a vice chair and head of ESG and impact fund investing. The experienced finance chief is currently the United Nations' special envoy for climate action and finance and is described by Brookfield as 'a long-time advocate for sustainability, specifically with regard to the management and reduction of climate risks'.
Carney has been charged to develop a group of funds that will work to 'combine positive social and environmental outcomes with risk-adjusted returns for investors', according to the firm.
Bruce Flatt, CEO of Brookfield, said: 'We are excited to have Mark joining Brookfield. Throughout his stellar career in both the private and public sectors, Mark has been a vocal proponent of the positive role that private capital can play in climate action.
'Building on our track record in renewable investing, Mark will help accelerate our efforts to combine better long-term outcomes for society with strong risk-adjusted returns. Mark’s insights and perspectives will add tremendous value to our global investing activities for the benefit of our investors.'
Carney said: 'With an accelerated transition to a net zero economy imperative for climate sustainability and one of the greatest commercial opportunities of our time, I’m looking forward to building on Brookfield’s leading positions in renewable energy and sustainability to the benefit of its investors and society.'
Brookfield said that the appointment was another boost to its sustainability credentials, after building 'the world’s largest pure-play private sector renewable energy business over the past three decades'. The firm has nearly 20,000 megawatts in operation and 18,000 megawatts in development globally across the low-carbon, renewable power sector.
Carney served as the governor of the Bank of England from 2013 to 2020. He was first vice-chair of the European Systemic Risk Board, and remains a member of the Group of Thirty and the foundation board of the World Economic Forum. Prior to his tenure at the Bank of England, he served as the governor of the Bank of Canada and chairman of its board of directors.
He was appointed as the United Nations special envoy on climate action and finance in December 2019, and will continue in that role.
