Canada’s oilpatch braces for more scrutiny after Mark Carney sees half of world’s reserves left in the ground

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In a matter of weeks, Mark Carney will join the United Nations as a special envoy on climate change and finance, where he will push financial institutions and banks for better disclosure on their investments in fossil fuels. CALGARY — The Canadian oilpatch is concerned that a push led by former Bank of Canada governor Mark Carney to demand further climate disclosures and climate risk assessments from global banks could increase scrutiny of investments in the Canadian oilsands and nascent liquefied natural gas sector. Carney is set to leave his current job as Bank of England governor later this month to join the United Nations as a special envoy on climate change and finance, where he will be tasked with pushing financial institutions and banks for better disclosure on their investments in fossil fuels. In an interview with the BBC this week, Carney described how “up to half of developed oil reserves” would likely be stranded in order to limit the effects of climate change. He said that banks and investors need better disclosure and stricter limits on oil, gas and coal investments in order to avoid significant global warming. “We want action on financing,” Carney said of the […]

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