Former Bank of England governor, Mark Carney, has been appointed as vice chair and head of ESG and impact fund investing at Brookfield Asset Management, as part of plans to expand its ESG product range.
Carney, who is currently the United Nations Special Envoy for Climate Action and Finance, will be tasked with developing a group of funds that will work to combine positive social and environmental outcomes with strong risk-adjusted returns for investors.
Carney commented: “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.”
The funds will make ESG-focused investments that are capable of delivering measurable outcomes against specific impact goals and provide exposure to high-quality, sustainable assets “that form the backbone of the global economy”, the asset manager said.
Chief executive, Bruce Flatt, 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.”