Former Bank of England Governor Mark Carney has joined Brookfield Asset Management as a vice chair and head of ESG and impact fund investing.
The New York-listed, Canada-based fund manager said Carney would bring “a wealth of knowledge and expertise to his role”.
Currently the United Nations special envoy for climate action and finance – a role he will retain – Carney began to move into sustainability before stepping down from the UK’s central bank in mid-March this year.
“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,” said Carney.
His role will include expanding Brookfield’s existing ESG capability, by developing a fund range targeting positive social and environmental outcomes, combined with seeking investor returns.
Bruce Flatt, CEO of Brookfield, said the company was excited to welcome Canada-born Carney to its staff.
“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,” said Flatt.
“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.”
Carney was Governor of the Bank of England from 2013 to March 2020 and served as first vice-chair of the European Systemic Risk Board. He was also Governor of the Bank of Canada and chairman of its board of directors, and chair of the G20’s Financial Stability Board from 2011-2018.
Brookfield embeds ESG principles across its entire investment process and business operations, it said. It has built the world’s largest pure-play private sector renewable energy business over the past three decades.
With nearly 20,000 megawatts in operations and 18,000 megawatts in development globally, Brookfield invests in, and responsibly owns and operates, high-quality renewable power assets that provide virtually carbon free energy around the world.