April 6, 2018 / 3:16 PM / 13 days ago

Bank of England's Carney sees progress in push for low-carbon economy

LONDON (Reuters) - Bank of England Governor Mark Carney said on Friday that governments and companies around the world were making progress in the push toward creating a low-carbon economy.

Bank of England Governor Mark Carney arrives to listen to Britain's Prime Minister Theresa May deliver a speech about her vision for Brexit, at Mansion House in London, Britain, March 2, 2018. REUTERS/Leon Neal/Pool/File Photo

“The good news is that governments are now establishing the policy frameworks, and the private sector is beginning to allocate capital accordingly,” Carney told an international conference on climate risk for regulators in Amsterdam.

As well as running the BoE, Carney heads a body representing financial regulators around the world and has led a push to get banks, insurers and other companies to recognize the long-term risk to their businesses from climate change.

Central banks and supervisors from eight nations, accounting for over a third of global financial assets and carbon emissions, have set up the Network for Greening the Financial System to improve coordination, a step Carney welcomed.

“With better information and risk management as the foundations, a virtuous circle is being built with better understanding of tomorrow’s risks, better pricing for investors, better decisions by policymakers and a smooth transition to a low-carbon economy,” Carney said.

Financing the transition to a low-carbon economy would require investments in long-term infrastructure at roughly quadruple the current rate, he said.

Reporting by William Schomberg, editing by David Milliken

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