Brookfield has appointed Mark Carney, former Governor of the Bank of England to the asset manager’s team.
Carney (pictured) has been appointed to the role of vice chair and head of environmental, social and governance (ESG) and impact fund investing.
Carney is the United Nations special envoy for climate action and finance and is a “long-time advocate for sustainability, specifically with regard to the management and reduction of climate risks”, Brookfield said.
He will expand on Brookfield’s existing strengths in ESG investing with the development of a group of funds that will work to “combine positive social and environmental outcomes with strong risk-adjusted returns for investors”.
The funds will make ESG-focused investments that are both capable of “delivering measurable outcomes against specific impact goals and consistent with Brookfield’s extensive experience investing in high-quality, sustainable assets that form the backbone of the global economy”.
Brookfield CEO Bruce Flatt said: “We are excited to have Mark joining Brookfield. 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.
“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.
“Mark’s insights and perspectives will add tremendous value to our global investing activities for the benefit of our investors.”
Carney said: “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.”
Brookfield has built a large, global pure-play private sector renewable energy business over the past three decades, comprising nearly 20,000MW in operations and 18,000MW in development.
Carney served as the Governor of the Bank of England from 2013 to 2020.
Prior to his tenure as Governor of the Bank of England, he served as the Governor of the Bank of Canada and chairman of its board of directors.