Carney Calls Net-Zero Greenhouse Ambition ‘Greatest Commercial Opportunity’

Mark Carney is calling on banks, insurers and fund managers to play their part in “re-engineering” the global economy towards net-zero greenhouse gas emissions and says there’ll be great rewards from doing so.

The former Bank of England Governor, who’s finance adviser to the U.K. prime minister for the upcoming United Nations climate summit, said every financial institution will have to change the way they do business to reach the goals of the Paris climate agreement. That means greater reporting on climate-change exposures. The financial sector will have to measure and manage those risks, while investors should learn to identify opportunities in the transition to net zero, Carney said.