Further to my post about Carney, I wanted to share a few quotes from his 4th Reith lecture in 2020. (I was just relistening and founds these poignant).
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It’s important to recognise that a whole economy transition isn’t only about funding deep green activities, or blacklisting dark brown ones. We need fifty shades of green to catalyse and support all companies moving towards net zero. To conserve our carbon budget, companies will seek to meet their net zero targets through an appropriate mix of emission reductions and credible carbon offsets, including nature-based solutions, such as re-forestation and the switch from brown to green power.
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Ultimately, the private sector needs effective public policies. These include tax and spending measures, such as carbon prices and targeted investments in emerging sectors, and it also means new rules, including mandates for clean fuels and greater energy efficiency. A critical point is that the more credible and predictable climate policies are, the more the financial system will anticipate future measures, and encourage companies to start adjusting today.
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We can’t achieve environmental sustainability if we sacrifice our economy and with it, peoples’ livelihoods. Similarly, we won’t devise all the necessary solutions or implement them with sufficient speed without market forces.
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This might chase some of his centre-right support away, as he shows that he is very much on board with carbon taxation and sees it as a necessary way forward.
But it also shows how he isn't limited to black or white (or green). I loved the fifty-shades of green comment because it illustrates that we can't just blacklist or shame companies or people for their carbon footprint but instead need to find a way sustainably to change their shades.
And finally the recognition that we can't sacrifice the economy to do it.
It was 4 lectures about 30 mins each with an additional 30 minutes of question period on each. Worth a listen to if you really want an insight into Carney's view of the world (at least 4 years ago).