Mark Carney sees 'absolute wall of opportunity' for clean energy investors

at scale,” Carney, who is vice chair at Brookfield Asset Management Inc. as well as co-chair of the Glasgow Financial Alliance for Net Zero, said in an interview with Bloomberg Television’s Francine Lacqua at the COP27 climate summit in Egypt on Tuesday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.

“A lot of the answer to energy security problems that have been exposed by Russia’s illegal war have to do with sustainability,” Carney said. “That’s why you’ve seen a five-fold increase in the ambition in the European Union for this decade. That’s why you’ve seen the big roll-out with the Inflation Reduction Act in the United States … these are solutions to not just climate issues, but geopolitical issues.

Carney said Brookfield has “gone from 20 gigawatts in our pipeline of building renewables to over 100 gigawatts in just 12 months,” which “gives you a sense of how fast things are moving.” Investors also need to look “at every single company” to figure out which have plans to “get their emissions down,” he said. “If they’re going to get their emissions down — and faster than their peers — they’re going to unlock value.

But members of the finance industry have warned that war and an energy supply crisis are complicating efforts to shut off the financing to fossil fuels. Tracey McDermott, who chairs the Net Zero Banking Alliance within GFANZ and is also group head of conduct, financial crime and compliance at Standard Chartered Plc, has described the dilemma as “complex.”

Source: Energy Industry News (energyindustrynews.net)

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