In an Oct. 12 video interview with Libby Casey, of Washington Post Live, Mark Carney – the former governor of the Bank of England who is now the UN Special Envoy for Climate Action and Finance – explained what it’s going to take to force the world to go carbon neutral. The private banks and financial sector have to produce a radical change in “the plumbing” of the financial system to force-feed financial flows into the green speculative bubble alone, and apply a tourniquet to any investment in the productive economy. This has been Carney’s assigned and clearly stated mission for some time, which he states with particular bluntness in this interview.
Asked about the objectives of COP26, Carney stated: “Basically the plumbing of the financial system has to be put in place so that financial institutions, whether they’re banks or pension funds or insurers or asset managers, have the information, the tools in the market so they can take climate change into account. So in other words, it’s a fundamental driver of every investment decision or lending decision. The second thing we need for COP26, to put it bluntly is money, a lot of it. This is going to be an enormous investment across the world that’s required. Somewhere between $100-150 trillion of external finance over the next three decades.”
Carney went on: “We’re of course talking orders of magnitude of $3, $, or $5 trillion per year that’s needed in order to make the transition globally—trillion—so that—those numbers—and this is our core point—aren’t going to come from the public sector, aren’t going to come from taxpayers. They’re going to come from the private sector, which is why we have to get the financial system in the right place.” Carney didn’t bother explaining that once that financial vacuum cleaner is in place, the taxpayers will ultimately be footing the bill.
