Mark Carney’s climate finance credibility questioned by dozens of environment groups


Former Bank of Canada governor Mark Carney’s credibility as a global climate finance leader is under fire as environment lobby groups say he is allowing some of the world’s biggest banks to use him as cover to keep funding fossil fuels. Carney is widely expected to run for the federal Liberals in a future election and campaigned for some Liberal candidates in the election that ended last month. But he turned down openings to run in that campaign himself because of his previous commitment as the UN special envoy on climate action and finance. As part of that role he is also chairing the Glasgow Financial Alliance for Net Zero, aiming to get the biggest financial institutions around the globe to both commit and lead the way to net-zero emissions by 2050. The alliance is to play a critical role at next month’s UN Council of the Parties climate talks, known colloquially as COP26, where a big focus will be on finding the finances to fund the climate promises to achieve needed reductions in greenhouse gas emissions. A coalition of more than 90 Canadian and international environment groups published full-page ads Thursday in the Toronto Star and Financial Times asking Carney to beef up the membership requirements in that alliance.

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