13 CFRF members include banks, insurers, asset managers, and other organisations with a strong interest. The working groups include industry groups to ensure a wide range of views is reflected. https://www.bankofengland.co.uk/climate-change/climate-financial-risk-forum. 5  All speeches are available online at www.bankofengland.co.uk/news/speeches  5  5. Embed assessment of climate risks into financial stability analysis: where the FSB is taking forward work, drawing on the advances made by its members as well as the NGFS. 14 Return: helping firms and investors identify the opportunities in the transition to net zero. The transition to net zero will affect every sector of our economies, and all companies that are transitioning to net zero should be encouraged. In parallel, with people increasingly demanding climate action, asset owners and managers will need to disclose whether their clients’ money is being invested in line with their values—a point Richard Curtis will make much more eloquently and forcefully later this morning. Thus far, the approaches to doing so have been inadequate. ESG metrics—while worthy—are dominated by the S and the G. Carbon footprints are not forward-looking. And the impact of shareholder engagement is hard to measure. Moreover, a whole economy transition isn’t about funding only deep green activities or blacklisting dark brown ones. We need fifty shades of green to catalyse and support all companies towards net zero and be able to assess collectively whether we’re “Paris aligned”.
The Road to Glasgow Speech given by Mark Carney Governor of the Bank of England, Finance Adviser to the Prime Minister for COP26  Guildhall 27 February 2020  I would like to thank Jennifer Nemeth for her assistance in drafting these remarks and Jennifer Bell, Sarah Breeden, Alice Carr, Iren Levina, Sini Matikainen and Harriet O’Brien for their input. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  Introduction Sir David Attenborough’s prophetic introduction has exposed the scale of the challenges and hinted at the enormous opportunities before us. And the Secretary of State has just described the prospect of a lasting COP 26 legacy and the opportunity for finance to be the force for good we know it can be. Now is the time to answer these calls to action. Private finance will have a critical role to play in a successful transition to a net zero carbon economy. With the UK COP26 Presidency, in partnership with Italy, the world is watching. Today is all about action. The actions the private financial sector can take to support a whole economy transition. The actions that regulators, governments and countries will take to catalyse your efforts. The actions that our fellow citizens are demanding, and that future generations deserve. And you have already begun. Private finance is now increasingly focused on the opportunities and risks in the transition.