NEW: Today
#GFANZ
announced our common framework to support the financial sector in a credible transition to net zero. This is essential to helping capital flow to companies w/ robust and credible plans to reduce emissions while growing jobs and economies
Disappointed that someone took my
@cmckenney
sign from my lawn this morning and planted an
@_MarkSutcliffe
in its place. Seems a bit desperate and certainly not democratic. You can’t swap my vote though, I’m backing
@cmckenney
for Mayor this Monday
I’m proud to live in a country where a woman’s right to choose is so strongly supported. But the devastating decision today in the US is a clear reminder that progress should never be taken for granted.
Our commitment to protecting fundamental rights must be unwavering
Proud to support
@cmckenney
for our next mayor. Catherine knows how City Council works, supports smart, green development, has a fully costed program that prudently uses our tax dollars, & will continue to stand up for all to make Ottawa an even better place for everyone.
Make no mistake: the 💰 is now there if the 🌎 truly wants to arrest the
#climatecrisis
Today, through the Glasgow Financial Alliance for Net Zero
#GFANZ
, over $130 trillion of capital from 450+ firms across 45 countries is committed to transforming the economy
#COP26
Markets don’t have values, people do. And it’s our responsibility to close the gap between what we value and what the market prices. That’s the work of politics.
#Lib21
1/3
If you’re curious, here’s the video that Mr. Poilievre is kicking up a fuss about.
Canada is a great country and we can make it even better.
It’s time to build. Together.
It’s simple. Climate change is real. People are pushing governments and businesses for solutions. That’s how democracy works. That’s how the market works. I believe in both. 1/2
Huge announcement today that the core of the global asset management industry, managing over $32 trillion in assets, is committing to addressing climate change & delivering the goals of the
#ParisAgreement
.
#NetZeroAssetManagers
@COP26
#racetozero
Our Constitution begins with peace, order and good government. We must live up to this founding principle in order to protect all our freedoms.
#OttawaOccupied
Our world is afflicted by a series of simultaneous shocks: climate change, war in Europe, the end of globalization as we know it.
There’s no hiding from these profound changes for us here in Canada. 1/5
We don’t deny our problems. We defeat them. We build our future. Thanks for inviting me
@liberal_party
& for the good conversation
@MarciIen
. Bon congrès !
#Lib21
Credible and predictable
#climate
policies like 🇨🇦’s price on carbon drive private investment.
Thank you
@JustinTrudeau
for hosting this discussion on Day 2 of
#COP26
and for cont’d Canadian leadership on carbon pricing.
#ClimateCrisis
This is the
#climateaction
🇨🇦 needs.
Jobs-first, clear goals and determined action that will drive growth, boost private investment and reduce emissions.
It will help make us greener, healthier and stronger.
#ForwardForEveryone
#elxn44
There are important lessons from the recent UK budget for Canada. Let’s heed them to help turn people’s real anxieties about their bills, homes and kids’ futures into prosperity for all Canadians
Finally climate POLICY action is getting real. The landmark climate, energy and tax legislation just passed by the US Senate joins the EU’s RePowerEU action plan & UK’s Energy Security Strategy to accelerate the G7 transition to reliable, affordable and clean energy. Expect more
I signed this in sympathy and solidarity with the residents and businesses in downtown Ottawa, with respect for 🇨🇦 principles of peace, order and good government, and in the expectation our authorities uphold all our freedoms
via
@CdnChange
By Glasgow
@COP26
, the world will know which banks, asset managers and asset owners are part of the solution to climate change and which remain part of the problem.
#ClimateWeekNYC
#GFANZ
Like Covid, climate change is a 🌏 problem. No country can solve it on its own. Unlike a pandemic, no country is an island which can lock down from the start, then wall itself off & wait for a vaccine. On climate, we're not just in the same storm, we're in the same boat.
#values
Announced yesterday, I'm joining the board of
@Stripe
—a company helping to build the economic infrastructure of the internet, enabling
#smallbusiness
& firms of all sizes to create growth. Looking forward 2 being part of the team
@patrickc
@collision
By making this a time to build, we can replace people's anxieties with hope and secure a new era of Canadian prosperity.
Thanks to everyone who joined us for
@Canada2020
’s Economic Lookahead in Toronto
So I’m excited to work with
@Canada2020
to start a national conversation in this spirit. It will be open to all.
The end goal is clear—an agenda that will create a better future for all Canadians. I hope that you will join in and contribute. 5/5
NEW: Join us in welcoming
@MarkJCarney
as Chair of
@Canada2020
's new Board of Advisors, focused on ambitious progressive public policy solutions as Canada looks ahead from this pandemic.
Deeply saddened to learn of the passing of Prime Minister Mulroney. A visionary leader who understood the possibilities of a new world order and seized them for Canadians. Steadfast in his principles against apartheid & for the environment. An example to all & a mentor to many.
Few can speak—and respond—to this outrage with such authority, determination, and personal connection than
@cafreeland
. Critical that we all
#StandWithUkraine
I want to thank everyone who has encouraged me to run for office over the past few months. I deeply appreciate your support and commitment to Canada. 1/3
Mark Carney says climate commitments preclude running in fall election – not ruling out running as a Liberal candidate at some other time | National Newswatch
Ppl will no longer tolerate worthy statements followed by futile gestures. They won’t settle for govt’s making announcements at summits that they don’t meet at home. Or companies that speak green but don’t act. That’s why we’ve worked to transform the heart of finance.
#COP26
Great to see Premier
@WabKinew
in Washington promoting Manitoba & 🇨🇦 as THE essential trading partner for the 🇺🇸. Stronger, better, more sustainable together.
It’s Time to Build.
A pleasure to join
@RestIsPolitics
with
@campbellclaret
&
@RoryStewartUK
— looking at lessons from past crises for today’s challenges, and how building a better future for people every day will depend on putting value in the service of our values.
So if there’s an election this year, I won’t be a candidate. I fully support
@JustinTrudeau
& the
@liberal_party
and will do everything I can to help. But right now global action on the
#ClimateCrisis
is the main thing. I made a commitment, and I’m going to keep it. Thank you 3/3
Water, which is essential for life, is virtually free but diamonds, which have limited value beyond their beauty, are $$$. Why do markets rate Amazon as one of the most valuable firms, yet the value of the Amazon appears on no ledger until it’s stripped into farmland?
#Reith
1/3
Or we can come together, square up to reality and find answers that build on our shared values. It’s harder work, but it‘s worth it.
That’s the positive path forward I believe in. I think most Canadians do too. 4/5
I’ll 2nd that. I’ve known
@JonathanWNV
for 25 yrs since he was an entrepreneur in the early days of 🇨🇦’s H industry. Now he’s helping transform our economy w/ the best
#ClimateAction
plan for jobs today & a sustainable tomorrow
#ForwardForEveryone
Thrilled to be one of 11
#Liberals
endorsed by
@GreenPACdotca
for leadership on the environment.
We have a plan to take action - on climate, nature, toxics, water, and plastics - to protect our planet for future generations. Let's get to work.
👉
I’m thrilled to launch the Glasgow Financial Alliance for Net Zero. This is the breakthrough in mainstreaming climate finance the 🌎 needs. GFANZ will ensure the financial system works together to broaden, deepen & accelerate the
#netzero
transition. 1/2
To stabilize temperature rises below 1.5°C, we must reach
#netzero
—the balance where the carbon emitted and taken out of the atmosphere is equal. Net zero isn’t a slogan, it’s an imperative of climate physics.
#values
1/2
This blueprint shows how we can build millions of sustainable homes for Canadians from all walks of life while seizing an enormous economic opportunity through cooperation across government and the drive of the private sector. It’s Time to Build 🇨🇦
Banks will help fund the transition to net zero. With the world’s largest banks committing to credible, science-based targets, meeting the $100+ trillion needed for net zero is within reach. Welcome
@JPMorgan
to the Net Zero Banking Alliance and GFANZ.
The
#IPCC
report shows there is no time to waste. All financial institutions should now join
#GFANZ
and deliver the financing needed for the transition to
#netzero
. If you’re not part of the solution, you are the problem.
#ClimateCrisis
"Today’s
#IPCC
Working Group I Report is a code red for humanity... Global heating is affecting every region on Earth, with many of the changes becoming irreversible."
@UN
SG
@antonioguterres
on today's release of the
#IPCC
's latest
#ClimateReport
.
PR ➡️
I didn’t choose those 2 examples by accident. They are 2 of the most imp. policies of our lifetimes. Why? Because they’re grounded in human values—fairness, solidarity & sustainability—and they will help change the climate & improve the futures of millions of 🇨🇦s.
#Lib21
3/3
Just 2 months until
@COP26
–our chance to arrest the
#climatecrisis
, protect our planet & build a better world for all.
Every financial decision must take climate into account
@FSB_TCFD
, and every financial institution should be part of the solution.
#GFANZ
#ClimateActionNow
First day at
#COP26
.
Since last year, we’ve made huge progress but it’s far from enough. Now we need ambitious
#climate
policies by gov’ts, aggressive
#climateaction
by companies, and enormous financing from the mainstream financial system.
We can do this if we act.
Our impact on 🌍’s climate is undeniable. In this simple but powerful data visualization, Prof
@ed_hawkins
illustrates annual avg global temperature since 1850. On climate change, our task is large, the window of opportunity is short and the risks are existential.
@COP26
A few years ago, the financial system held a mirror to the
#climatecrisis
, and too many thought
#climatechange
was someone else’s problem to solve.
Our goal for
#COP26
has been to build a financial system in which every decision takes climate change into account.
We need to fashion a renewed 🌎economy founded on new dispersed networks of trade, capital & ideas that harness the creativity of billions of people, who will share fully in its rewards. What are the pillars of this new order? Resilience. Solidarity. Connectivity. Sustainability.
The 🌎 is increasing its focus on
#netzero
73% of emissions are now covered by net zero targets w/ 131 countries proposing or agreeing to targets as of July. And there’s been a 3x increase in companies w/ net zero targets since Q1 2020.
#TogetherForOurPlanet
#COP26
1/2
I also know that extreme weather events—today in the North and this year across 🇨🇦 and the 🌎— are the product of the
#ClimateCrisis
. To dither, dispute and delay will condemn more people to such tragedies. Only by coming together— as 🇨🇦 does best—can we help fix it.
That’s the work you do when you convince your neighbours to support a candidate who will put a price on pollution because the market doesn’t. Or when you created the Canada Child Benefit because the market left a million Canadian kids in poverty.
#Lib21
2/3
Alan Turing was a visionary. Featuring him on the £50 note is more than symbolic. It's recognition of the fact that we're stronger as a society when everyone can be their true selves without fear or favour.
There are two ways to respond. We can invent enemies to blame, turn on each other, and choose answers that are simple, seductive and wrong.
That will leave us divided and poorer. 3/5
Scientists and academics have made a business of forewarning the world of high-impact events, from pandemics to meteor flares to extreme climatic events. Humanity has made a business of ignoring them. Covid-19 has shown this is an expensive and destructive strategy.
#values
The Canadian Net-Zero Emissions Accountability Act has now received Royal Assent.
That means net-zero emissions by 2050 is officially the law in Canada.
And that Canada is one step closer to a healthier economy and environment.
#PromiseMadePromiseKept
Climate change is the most important issue on the planet. I made commitments to
@antonioguterres
&
@BorisJohnson
to help make sure
@COP26
is successful this November. As a goalie, I know you don’t skate off the ice in the 3rd period of a must-win game. 2/3
These paintings hang in Rideau Hall. They depict the oppression of Tsarist Russia, the promise of migration, its realisation on the Canadian prairies, and then, a distant mushroom cloud warns that oppression could return. We must restore that promise
#StandWithUkraine
In the face of the enormous
#climate
challenge, we must build a financial system entirely focused on
#netzero
.
At
#COP26
, look for who is part of the $100tn solution. Does it include your bank, insurer, mutual fund manager, or pension fund?
Your money matters.
Here are 5 lessons in crisis mgmt from my last few jobs. First, the mrkt can be wrong longer than you can stay solvent. Appeals to fundamental values in a panic fall on deaf ears. Not least because people find it tough to hear when they’re screaming.
#values
1/5
As wildfire crisis deepens in the land where I was born, I know the people of the
#NWT
can count on their neighbours in Edmonton and across Alberta for support. Nowhere I’ve been is more generous and or comes together more quickly to help each other in times of great need.
The countdown is on...⏰
Today marks 100 days to go until
@COP26
🌏
We've made huge progress. Let’s make Glasgow the moment that every financial decision takes
#climatechange
into account.
#ClimateAction
The
@WHO
estimates the risk of adverse health outcomes as a consequence of
#climatechange
will 2x by 2030. Covid is more than a warning about taking systemic risks seriously. The risk of another pandemic is itself another reason to address climate change.
#values
Deeply saddened by the passing of Her Majesty. We are all indebted to the Queen for her lifetime of service. May we continue to be inspired by her unique example of dedication, grace and selflessness.
My condolences to the King, the Royal family & the British people.
For over 12 years, I had the privilege & challenge of being a G7 central bank governor, first in 🇨🇦 and then in the 🇬🇧. During this time, I led global reforms to fix the fault lines that caused the financial crisis...
#values
1/4
Markets are essential to progress. But they don’t exist in a vacuum. Markets are social constructs, whose effectiveness is determined partly by the rules of the state & partly by the values of society. If left unattended, markets will corrode those
#values
.
Thank you
@patrickc
. The online infrastructure you,
@collision
and the
@Stripe
team are creating for millions of businesses is critical.
@stripe
has been breaking down barriers to global trade & accelerating economic output. Happy 2 b part of the team.
We’re delighted to add Mark Carney to Stripe’s board: .
Mark has served as Governor of both the Bank of England *and* Bank of Canada. He’s also the current UN Special Envoy for Climate Action.
We’re looking forward to building the Stripe of 2030 with him.
Today, I joined the Industry Committee to offer ideas for sustainable, inclusive growth. Fiscal sustainability is necessary for 🇨🇦 prosperity. We also need to make use of regulation, competition policy & trade policy that benefit great Cdn jobs in SMEs & services.
#cdnpoli
1/3
🆕
@MarkJCarney
will be joining us for a special keynote conversation at
#LIB2021
.
You won't want to miss this, and so many other special guests — register today!
We must transform the financial system to ensure a prosperous and just transition to
#netzero
.
By joining
#GFANZ
, Canadian banks are bringing their deep expertise and strong balance sheets to drive solutions for the sustainable economy that 🇨🇦 and the world need.
@COP26
Last month, I sat down to answer some questions about my role as
@UN
Special Envoy for Climate Action and Finance. I want to make sure that every financial decision takes climate change into account to help us get to
#netzero
.
The net-zero revolution is becoming a driver of country competitiveness, job creation & growth. In the future great powers will be green powers — and Canada can be a great power
Thanks to all who joined the Fall Net-Zero Leadership Summit to discuss how we seize this opportunity
Great that
@antonioguterres
picked
@cathmckenna
to lead this crucial work so 🌎 moves forward on all levels. GFANZ will enable countries, companies and cities that catalyse NZ transitions that deliver emissions reductions, jobs and prosperity.
#netzero
#COP27
An honour to accept UN Secretary General
@antonioguterres
' invitation to Chair his High-Level Expert Group on Net-Zero Commitments of Non-State Entities from biz to investors to cities. Each pledge must deliver ambitious, real, immediate reductions in transparent, verifiable way.
In an interview with CBC's Chief Political Correspondent Rosemary Barton, economist Mark Carney says society can't self-isolate from climate change and wants to be part of channeling the financial sector toward making innovative, sustainable investments.
@RosieBarton
Pension funds secure our retirements. But what will that future be like? A planet plagued by a growing
#ClimateEmergency
? Or a world on a path to
#sustainability
? With $50+ trillion globally, pension funds have a critical role to play in the
#netzero
transition
@MMMoneyMatter
1/2
Covid teaches us
#resilience
is important. It’s about having a strategic reserve we don’t use every day, but is there when we need it. Be it the next pandemic (sorry, there will be one) or climate change, do we have what we need when the unexpected happens? That’s
#resilience
.
Climate change and housing affordability aren’t just solvable problems; they have common solutions. Politicians at every level of government should take note and take action.
My op-ed in today’s
@GlobeandMail
:
Congratulations
@RishiSunak
@cafreeland
@SecYellen
for G7 leadership on climate and global tax. Critical steps towards a fair, open & dynamic global financial system
Thrilled that the
@G7
nations have agreed to follow the UK’s example and undertake mandatory climate reporting.
This is such an important step in getting markets to play their part in tackling environmental issues and paves the way for us all to achieve our net zero goals.
#G7UK
In the 2020
#Reith
lectures, I draw on historical perspectives and my own experiences in the public and private sectors to argue the 3 crises of this century—credit, Covid, & climate—are driven by a common crisis of values.
The former Bank of Canada governor Mark Carney is the
#BBC
's 2020 Reith Lecturer.
In lecture one, he addresses the changing nature of value in finance and economics — and how we've come to equate 'value' to what is profitable.
Listen:
@bbcworldservice
The combination of the weight of scientific evidence & the dynamics of the financial system suggest that
#climatechange
will threaten financial resilience & economic prosperity. This is a risk from which we cannot diversify, and the window to act is finite and shrinking.
#values
The value of money is not simply the product of formulas, rules or algorithms. Money is grounded in values of trust, resilience, dynamism, solidarity and sustainability. Central banks should pursue a deliberate, values-based strategy to deliver monetary & financial stability.
Quoting Elie Wiesel “I learned the perils of language and those of silence. I learned that in extreme situations where human lives and dignity are at stake, neutrality is a sin,”
@BrianMulroney4
captures the right response to current horrors
Grateful for the chance to discuss huge progress on the
@COP26
private finance strategy w/ the PM at
@10DowningStreet
. Thank you
@BorisJohnson
for your continued leadership & commitment to decisive change in the fight against
#climatechange
Climate change is beginning to impact assets which have a mrkt price, making the scale of the calamity more tangible—a vicious cycle in which rising sea levels & more extreme weather damage property, force migration, impair assets & reduce the productivity of work.
#values
1/2
I'm excited about this
#climate
plan bc it commits to a clean grid by 2035, which I proposed at the Industry cmtee & in my book.
We’re already a leader & zero-emissions electricity will make our air cleaner, businesses more competitive & transform how we travel, work & live. 2/2
We will only get to net zero if heavy-emitting sectors get the finance they need to cut emissions. I wrote about
#GFANZ
's and
@bloombergdotorg
's strategy to get capital flowing in the Economist 1/10
To achieve the goals of the
#ParisAgreement
, we need innovation on every front including a new sustainable financial system that funds private innovation & more ambitious government action to deliver
#netzero
.
A new UN Climate Change report shows that climate plans submitted so far by countries do not put us on a path to meet the Paris Agreement goals.
But many parties must still submit their
#NDC
. This year, we can turn this trend around.
#ItsPossible
👉🏿