Mark Carney's appointment as the next leader of Canada's Liberal Party, paving the way for him to become prime minister, comes at a critical juncture, not just for relations between the US and Canada, but also in the fight against climate change.
Mr Carney's former positions as governor of the Bank of England and Bank of Canada, as well as a UN special envoy on climate action and finance, could provide him with a unique background to tackle the issues head on.
Antonios Vouloudis, senior director of sustainability and stewardship at NYU Abu Dhabi, told The National that Mr Carney's extensive experience in financial regulation and climate strategy “could significantly accelerate Canada's transition to net-zero emissions while balancing economic stability”.
Recognised contribution to UAE Consensus
Mr Carney played an important role on the road to achieving the historic UAE Consensus at the Cop28 climate summit in Dubai in 2023 – particularly concerning the delivery of key Presidential Action Agenda outcomes across climate finance and energy.
As a result of his involvement at Cop28, President Sheikh Mohamed bestowed the First Class Order of Zayed II to Mr Carney.
Sheikh Mohamed emphasised that the legacy of sustainability established by the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, is a cornerstone of the UAE's efforts to support sustainability, promote effective climate action, and ensure equitable economic and social development for a better future for humanity, state news agency Wam reported.
Mr Carney's work in climate, however, predates Cop28. At the end of 2019, UN Secretary General Antonio Guterres announced the appointment of Mr Carney as UN special envoy for climate action and finance.
Mr Vouloudis said that, in this capacity, Mr Carney played a crucial role in integrating climate action into the global financial system.
“He was instrumental in launching the Glasgow Financial Alliance for Net Zero in 2021, a coalition of over 250 financial institutions managing assets worth $80 trillion, committed to funding the transition to a carbon-neutral economy,” Mr Vouloudis added.
Mr Carney is also credited with playing an essential role in co-founding the Taskforce on Scaling Voluntary Carbon Markets, which aims to establish a credible carbon offset market to help businesses and nations meet climate commitments.
“It’s an absolute imperative to get to net zero. We will be compounding adaptation if we don’t get to net zero,” Mr Carney said in an interview with the UN in 2021, in which he discussed the urgency of achieving the goals of the 2015 Paris Agreement.
“In other words, things will continue to get worse. The adaption consistent with 1.5°C unfortunately would not be consistent with 2°C or 2.5°C or more.”
Mr Carney's campaign website highlights his climate action plan, which seeks to scrap Canada's consumer carbon tax and replace it with “incentives to reward people for greener choices”. The site states that the shift will ask major polluters to “contribute their fair share”, as well as furthering investments to electric vehicles and energy efficient buildings.
Climate activists have welcomed his appointment as Liberal Party leader, given Mr Carney's green credentials at a time when the US is scaling back on climate commitments.
“The best revenge for US President Donald Trump’s unprecedented assault on our livelihoods, environment and democracy would be to become an even better Canada by building a greener, fairer society that will be a beacon to the world,” said Keith Stewart, senior energy strategist at Greenpeace Canada.
At the start of Mr Trump's second term in office, he began the process of once again pulling the US out of the Paris Agreement. The international treaty covers climate change mitigation, adaptation and finance. It is aimed at limiting the rise in global temperatures to 1.5°C above pre-industrial levels.
