Brookfield Asset Management said Wednesday that it has picked Mark Carney, a former governor of both the Bank of England and the Bank of Canada, to serve as its head of environmental, social and governance and impact fund investing.
The private equity firm, which is based in Canada and has about $550 billion in assets under management, said that Carney will build off of its presence in ESG investing by working on new funds.
“Mark 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 firm said. “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.”
Carney, who will also serve as a vice chair, noted how his new role fits into the broader context of dealing with climate change.
“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 said in a statement.
Carney served as the Bank of England’s governor from 2013 until March of this year and as the Bank of Canada’s governor from 2008 through 2013. He is currently the United Nations’ special envoy for climate action and finance, a role that he will retain.
Brookfield CEO Bruce Flatt highlighted Carney’s past support for using investing as a way to fight climate change.
“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,” Flatt said in a statement. “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’s other roles have included serving as chair of the G-20’s financial stability board and as first vice-chair of the European Systemic Risk Board, according to Brookfield. The firm also noted that Carney is part of the World Economic Foundation’s board and is a Group of Thirty member.