Mark Carney joined the Toronto-based alternative asset manager Brookfield Asset Management as vice-chair and head of ESG (environment, social and governance) and impact fund investing in 2020. It is now the largest global fund committed to a net-zero economy by 2050.
Carney now co-leads BGTF with Brookfield’s Conor Teskey. Carney stated on Tuesday: “Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition. As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns. Through this Fund, we are pleased to partner with best-in-class institutions to commit the capital required to scale clean energy and catalyze companies onto Paris-aligned net-zero pathways,” as reported by GlobeNewswire.
Carney continued, “Enabling the transition will require global reach, large-scale capital, and deep operating expertise in renewable energy and decarbonization. As a leader across these capabilities, we look forward to engaging with these and other investors to drive meaningful and measurable change to the benefit of their portfolios and our planet.”
This partnering “with best-in-class institutions” for Carney means four Canadian institutions: 1) Ontario Teacher’s Pension Plan Board, Temasek (an investment company headquartered in Singapore), Public Sector Pension Investment Board, and Investment Management Corporation of Ontario, which promotes itself as “the only investment management organization purpose-built to serve Ontario’s public sector.”
