Canada Governments must invest in those affected by energy transition, Mark Carney says

01:50  14 september  2021
01:50  14 september  2021 Source:   msn.com

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Mr Carney said that the pandemic was "a terrible situation, but there was also a big opportunity" at the end of it. "We have a situation with climate change which will involve every country in the world and from which we can't self-isolate," he added. Governments , he added, should also take the opportunity to invest in wind and solar power to accelerate the transition to greener energy . Many countries would have the opportunity to invest in sustainable infrastructure, Mr Carney said , pointing out that that opportunity was missed after the 2008 financial crisis.

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The time is now for Canada to invest in retraining to help workers affected by the transition to a greener economy, former Bank of Canada and Bank of England governor Mark Carney said Monday.

Mark Carney wearing a suit and tie © Provided by The Canadian Press

"(We need to ensure) that the resources of a country, Canada in this case, can be properly dedicated to retraining, to building the resources of the future, to reinvest in the areas that are undergoing these adjustments," Carney said. "And now is the time to do it – not at some cliff-edge point down the road when there is a sharper adjustment.”

Carney — the UN special envoy on climate action and finance — made the remarks at the International Economic Forum of the Americas Montreal conference. The event is taking place this week, less than two months before the next UN climate conference is scheduled to take place in Glasgow, Scotland.

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Carney said climate change can affect financial stability in three ways: a rise in demand for compensation claims from storms and floods; liability risks stemming from victims of climate change who seek compensation, and the revaluation of assets as states move towards lower-carbon economies. Community Reinvest, which is calling upon councils to divest from fossil fuels, says UK pension funds and advisers are shirking their responsibility to drive Britain’s low carbon transition .

Former Bank of Canada governor Mark Carney says the world's response to the COVID-19 pandemic could build momentum for a collaborative approach to the other global crisis: climate change. In an interview on CBC's Rosemary Barton Live airing Sunday, Carney said the fact that virtually no country has escaped the health and economic effects of the coronavirus is leading to a broader recognition that global problems require collective solutions.

Sustainable finance, or how to use the power of the financial sector's trillions of dollars in assets to help achieve net-zero carbon emissions by 2050, will be on the agenda at the UN event, known as COP26.

Carney — who also chairs the Glasgow Financial Alliance for Net Zero, which unites more than 160 banks and asset management firms worldwide — wants to see banks, insurers and investors commit to ensuring their investments and lending is aligned with net zero goals.

He also wants to see governments participating in COP26 make climate-related financial disclosures mandatory for the corporate sector.

As global efforts to combat climate change increase, Carney said there will need to be a way for investors and lenders to finance the run-off of stranded fossil fuel assets in their portfolios.

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Mark Carney on Shell ruling: What companies need to do anyway. All energy companies will be affected by clean energy transitions , which offer a huge business opportunity. Of course, we must also make sure that the social impact of clean energy transitions is managed in a The situation calls for a grand coalition encompassing governments , investors , companies and everyone else who is

Mr Carney said the UN climate change conference "provides a platform to bring the risks from climate change and the opportunities from the transition to a net-zero economy into the heart of financial decision-making". "To do so, the disclosures of climate risk must become comprehensive, climate The special envoy post is a pro bono position that is undertaken essentially for free - the UN will pay Mr Carney a year once he steps down as governor of the Bank of England. Billionaire former New York Mayor Michael Bloomberg was the last person to hold the post. He worked with the UN on climate

"There is a time path for various assets that cannot make it to the entire end of their working life, because that would be inconsistent with the overall objective of getting to net zero,” he said.

But while the possibility of stranded assets is a risk for energy companies worldwide as policies are brought in to reduce emissions, that doesn't mean there aren't capital opportunities for the sector. Carney said he expects the flow of capital to the global energy sector will need to double over the next 25 years to about $4 to $5 trillion annually to help companies transition to renewables and expand the use of technologies such as carbon capture and storage.

"The financial sector will need to work with businesses to get capital ... to those who are going to be part of the solution," he said.

Thousands of workers in Alberta, Saskatchewan and Newfoundland and Labrador have already lost jobs in the oil and gas sector due to consolidation and downsizing. Some business and labour groups say these provinces need federal support to diversify their economies and retrain workers.

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But Carney said Amazon's lawsuit is less about losing the contract itself and more about examining whether Trump used his position as president to interfere in the decision process. "All we're trying to do through this protest and this request for a legal review is to ensure that a proper decision was made "It's about ensuring that the government , the Department of Defense, is free of political interference in these kinds of political decisions that affect the capabilities of our armed services," he said . Carney contended that Amazon's protest of the JEDI decision is "highly unusual," pointing to the allegations

Walch explains that while Carney doesn't view alt-currencies as a financial stability risk at the moment, due to their relatively small size, he acknowledges that they could pose such a risk in future if they are more widely used or invested in , or if they develop additional linkages to the financial system. Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors . Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial

The Alberta Federation of Labour, for example, has been lobbying for federal support in the range of $10 to $20 billion per year to help oil-producing provinces and their workers diversify. The labour group would like to see a new federal transfer program that could fund green infrastructure projects, training and apprenticeships in affected provinces.

As part of its federal election campaign, the Liberal party has proposed a $2-billion "Future Funds'' program for the three oil-producing provinces to ensure workers aren't left behind as Canada pursues its climate change commitments. The party's platform contains a promise to create a "Clean Jobs Training Centre'' to help oilpatch workers upgrade or gain new skills.

The federal Conservative Party has criticized Liberal Leader Justin Trudeau for ``wanting to phase out the (oil and gas) sector and its jobs.'' It says a Conservative government would support energy sector workers.

The NDP platform pledges to ``work together'' with labour, employers and the provinces to find solutions that could include expanded EI benefits, retraining and job placement services

The percentage of Alberta's labour force that has been unemployed for more than one year is 2.4 per cent, the highest rate of long-term unemployment in the country (the national average is 1.4 per cent).

This report by The Canadian Press was first published September 13, 2021.

Amanda Stephenson, The Canadian Press

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