Carney Says Carbon Initiative Could Bolster Financial Sector
CBJ — Former Bank of Canada Governor — and current Bank of England Governor — Mark Carney was in Toronto on Friday to discuss climate change and its possible positive impacts to the financial community if a substantive carbon plan is put in place.
Carney, who was visiting his Canadian homeland just days after Theresa May took over for David Cameron as British Prime Minister, argued that a diligent framework for corporate disclosure of carbon exposure and strategy could open a new door for financial-sector profits.
Speaking to a large audience a Toronto Region Board of Trade event, Carney said that global carbon reduction commitments imply “somewhere in the area of $5– to $7-trillion a year” in clean infrastructure needs. “The question is, how much of that is going to be financed by the capital markets?”
Carney would like to see a standard established worldwide for green-infrastructure bonds. He singled out China in particular in having the ability to offer high-yielding products.