By Canadian Press

Environment lobby calls out Carney’s climate finance credibility

Oct 7, 2021 | 12:11 PM

OTTAWA — 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 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 but he turned down that chance in the campaign that ended last month because of his previous commitment as the United Nations special envoy on climate action and finance.

As part of that role he is 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 UN says more than 160 financial firms are signed onto the alliance, which is to play a critical role at next month’s UN climate talks in Scotland.

But a coalition of environment organizations from Canada and around the world Thursday published full page ads in the Toronto Star and the Financial Times accusing Carney of allowing alliance members to use him and the alliance as cover for continuing to fund fossil fuel production and expansion.

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Carney’s office did not immediately respond to a request for comment

This report by The Canadian Press was first published Oct. 7, 2021.

Mia Rabson, The Canadian Press