ESG

Mark Carney: Bank of England and FCA need new mandates to support UK’s net-zero push

Former Bank of England governor says UK ‘hasn’t been leading’ on climate lately

Tuesday 4 June 2024 at 13:04

Canadian Mark Carney was the governor of the Bank of England  between 2013 and 2020 Stefan Wermuth/Getty Images
Canadian Mark Carney was the governor of the Bank of England between 2013 and 2020 Stefan Wermuth/Getty Images

Former Bank of England governor Mark Carney said the UK’s financial watchdogs must have their mandates updated to better support the government’s push towards net zero.

Speaking at Deloitte’s Growth 2035, Turbocharging the UK’s Economy in the Pursuit of Net Zero event, Carney said the Bank of England and Financial Conduct Authority need the power to supervise companies’ transition plan disclosure requirements and perform stress testing around financial risks stemming from climate change.