Mark Carney, United Nations special envoy for climate action and finance, has joined Brookfield Asset Management as vice chair and head of ESG (environmental, social, governance) and impact fund investing.

He comes to the role after completing a seven-year term as governor of the Bank of England, during which time he also chaired the G20’s Financial Stability Board and drove the creation of the Task Force on Climate-related Financial Disclosure (TCFD) and associated metrics for monitoring and measuring the physical, social and transitional risks that climate change poses for global financial systems and asset value. Previously, he served as governor of the Bank of Canada from 2008 to 2013.

He will now be tasked with developing a group of ESG-focused funds prioritizing opportunities for returns on environmental and societal investment. Brookfield Asset Management currently invests in, owns and operates a global portfolio of renewable electricity assets representing 20,000 megawatts (MW) of generating capacity, with another 18,000 MW of generation in development.

“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,” observes Bruce Flatt, Brookfield’s chief executive officer. “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.”

“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,” Carney concurs.