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Mark Carney

Mar 6 • 3 tweets • 2 min read

The 🌎 is on track to exhaust its 1.5 carbon budget if we don’t all—including the oil & gas industry— “up our game” as #DrSultanAlJaber urged today at #CERAWeek.

@MikeBloomberg

Welcome call by #DrSultanAlJaber to “decarbonize quicker, future-proof sooner and create the energy system of the future–today.” @MikeBloomberg and I look forward to working w/ @UAEClimateEnvoy to transform our energy system consistent w/ 1.5 degrees & boosting jobs & growth

It won’t happen by fiat. We need everyone at the table and committed to act in order to ramp up the ratio of renewable to conventional energy from 1:1 today to at least 4:1 by 2030. GFANZ committed to supply the $trillions needed to make that happen

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Mark Carney

@MarkJCarney

May 26, 2022

Our world is afflicted by a series of simultaneous shocks: climate change, war in Europe, the end of globalization as we know it.

There’s no hiding from these profound changes for us here in Canada. 1/5

Canadians are already feeling them everywhere from our grocery bills to the deep sense of anxiety our kids feel about their future. 2/5

There are two ways to respond. We can invent enemies to blame, turn on each other, and choose answers that are simple, seductive and wrong.

That will leave us divided and poorer. 3/5

Read 5 tweets

Mark Carney

@MarkJCarney

Apr 1, 2021

Here are 5 lessons in crisis mgmt from my last few jobs. First, the mrkt can be wrong longer than you can stay solvent. Appeals to fundamental values in a panic fall on deaf ears. Not least because people find it tough to hear when they’re screaming. #values 1/5

Second, hope is not a strategy. Following the PM’s resignation the morning after the #Brexit vote, with the £ in free fall & mrkts under pressure, I was able to state simply, ‘We are well prepared for this.’ Once we backed that up with £250 bn, the mrkt stabilized. #values 2/5

Third, communicate clearly, frequently & honestly. You can’t spin your way out of a crisis. In the financial crisis, I knew we had to be straight with Canadians about both our strengths & weaknesses. If you don’t mention the latter, the former aren’t credible. #values 3/5

Read 5 tweets

Mark Carney

@MarkJCarney

Mar 18, 2021

Adam Smith published 2 magisterial works, The Theory of Moral Sentiments (1759) & An Inquiry into the Wealth of Nations (1776). The latter is better known, yet to understand the totality of Smith’s thinking, it should not be considered in isolation from its predecessor. 1/6

Smith’s goal in writing The Theory of Moral Sentiments was to explain the source of humankind’s ability to form moral judgements. He believed we form our norms (#values) as a matter of social psychology by wishing ‘to love and to be lovely’. 2/6

Smith was the 1st to put markets at the centre of economics, a move that fundamentally reoriented political economy. The Wealth of Nations is built on the exchanges in markets that are at the centre of commercial society—the 'invisible hand’. 3/6

Read 6 tweets

Mark Carney

@MarkJCarney

Mar 16, 2021

For over 12 years, I had the privilege & challenge of being a G7 central bank governor, first in 🇨🇦 and then in the 🇬🇧. During this time, I led global reforms to fix the fault lines that caused the financial crisis... #values 1/4

...worked to heal the malignant culture at the heart of financial capitalism and began to address both the fundamental challenges of the 4th Industrial Revolution & the existential risks from climate change. #values 2/4

I felt the collapse in public trust in elites, globalization & tech. And I became convinced that these challenges reflect a common crisis in #values and that radical changes are required to build an economy that works for all. 3/4

Read 4 tweets

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