Brookfield Asset Management announced what may be the ESG hire of the year, adding former Governor of the Banks of England and Canada to serve as Vice-Chair and Head of ESG and Impact Fund Investing.

Bruce Flatt, CEO of Brookfield, said:

“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 has been a strong advocate for climate action, and for sustainable business and investing practices. He currently serves as the UN Special Envoy for Climate Action and Finance, and is the UK Prime Minister’s Finance Adviser for the COP26 UN Climate Change Conference. In July, he co-wrote a letter with David Schwimmer, CEO of the London Stock Exchange Group, advocating for a proposed global coalition of Stock Exchanges that will commit to supporting climate disclosure, in line with the TCFD recommendations. Additionally, he is a member of the Group of Thirty and the Foundation Board of the World Economic Forum,

According to Brookfield, Carney will work on the development of a group of funds for the firm, aiming to combine positive social and environmental outcomes with strong risk-adjusted returns. The firm stated that 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 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.”