Mark Carney: Remarks given during the UN Secretary General's Climate Action Summit 2019

Remarks by Mr Mark Carney, Governor of the Bank of England, during the UN Secretary General's Climate Action Summit 2019, New York City, 23 September 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
24 September 2019

Secretary General, your Excellencies, Ladies and Gentleman.

A new, sustainable financial system is being built.

It is funding the initiatives and innovations of the private sector, it has the potential to amplify the effectiveness of the climate policies of your governments and it could accelerate the transition to a low carbon economy.

But the task is large, the window of opportunity is short, and the risks are existential.

And like virtually everything else in the response to climate change, the development of this new sustainable finance is not moving fast enough for the world to reach net zero.

To bring climate risks and resilience into the heart of financial decision making, climate disclosure must become comprehensive; climate risk management must be transformed, and sustainable investing must go mainstream.

Here's how.