• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
  FEATURED
REVEALED: Imperial Oil, Alberta Regulator Knew of Toxic Seepage at Kearl Mine for Years, Kept First Nation in the Dark October 3, 2023
Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution October 2, 2023
Shell CEO Doubles Down on Renewable Cuts Despite Internal Pushback October 2, 2023
Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds October 2, 2023
UAE Holds Major Oil and Gas Conference Before Hosting COP 28 Climate Summit October 2, 2023
Next
Prev

New Bank of Canada Governor Led Sustainable Finance Task Force

May 3, 2020
Reading time: 3 minutes

Bank of Canada/Twitter

Bank of Canada/Twitter

1
SHARES
 

The federal government is receiving praise after appointing Tiff Macklem, a veteran of the 2008/2009 economic crisis and former deputy to climate finance titan Mark Carney, as governor of the Bank of Canada.

Macklem, currently dean of the Rotman School of Management at the University of Toronto, “helped shape Canada’s response to crisis when he served as a top aide to late former finance minister Jim Flaherty,” BNN Bloomberg reports. “He also has deep ties with the Bank of Canada, having originally joined the institution in 1984 before eventually serving as second-in-command under then-governor Mark Carney from 2010-14.”

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
Subscribe

Macklem also chaired the federal Expert Panel on Sustainable Finance, whose final report in June 2019 stressed the US$26 trillion and 65 million jobs to be gained through 2030 in the transition to a low-carbon global economy. “The financial sector is not going to solve climate change, but the things that are—innovation, clean electricity, deep building retrofits, climate-resilient infrastructure and more—all require investment, and that’s where finance is critical,” he said at the time.

“For Canada to be competitive in a world that is increasingly concerned about sound environmental stewardship, sustainable finance needs to become business as usual in the Canadian financial services industry.”

Last month, Prime Minister Justin Trudeau incurred brief media pushback for not asking current Governor Stephen Poloz to extend his term in the midst of a global health emergency, a move that was interpreted as the PM’s attempt to put his own personal stamp on the central bank. But Macklem’s appointment earned kudos—from Carney, and from Bay Street.

“Tiff brings an unparalleled combination of experience in central banking, academia, and business to the outstanding team at the Bank of Canada,” Carney told BNN Bloomberg in an email. “Tiff is a person of the utmost integrity, intelligence, and decisiveness, who always puts the best interests of Canadians at the centre of his work. It is tremendous that he will serve our country during this critical time.”

“I can’t think of a better person for this role than Tiff,” said Gord Nixon, chair of BCE Inc. (formerly Bell Canada Enterprises) and past CEO of the Royal Bank of Canada. “He’s been through the trenches before, given the role he played during the 2008-2009 financial crisis.”

“It’s a fine choice. I thought he would’ve been a fine choice even in 2013. So it’s very welcome to see him returning to the fold at the Bank of Canada,” said Derek Holt, head of capital economics at Scotiabank. “He brings very, very rich experience and crisis-fighting experience,” having “basically run the central bank in the past when he was senior deputy governor and hence chief operating officer. So overall, I think he’s a well-regarded choice, not just at home but internationally.”

Most business media coverage of the appointment focused on Macklem’s past pronouncements on fiscal policy, his likely response to the COVID-19 pandemic—and the government’s decision not to appoint the Bank of Canada’s first female governor in its 85-year history, despite its vocal support for gender equality. The Globe and Mail says Carolyn Wilkins, Poloz’ senior deputy for the last six years, had been “groomed for the job” and was the bank’s most qualified female candidate ever.

“Why is the man always the right choice?” asked Catalyst Canada Executive Director Tanya van Biesen. “Statistically, the math doesn’t add up. If 50% of the population is not a man, then men can’t always be the right choice. We have to force ourselves to ask the question: Why not Carolyn? That doesn’t mean it shouldn’t be Tiff, but why shouldn’t it be Carolyn?”



in Canada, Community Climate Finance, Ending Emissions, Energy / Carbon Pricing & Economics

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

jasonwoodhead23/flickr
Tar Sands / Oil Sands

REVEALED: Imperial Oil, Alberta Regulator Knew of Toxic Seepage at Kearl Mine for Years, Kept First Nation in the Dark

October 3, 2023
147
Dawn Ellner/flickr
Carbon Levels & Measurement

Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution

October 2, 2023
62
Solarimo/pixabay
Ending Emissions

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

October 2, 2023
261

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

jasonwoodhead23/flickr

REVEALED: Imperial Oil, Alberta Regulator Knew of Toxic Seepage at Kearl Mine for Years, Kept First Nation in the Dark

October 3, 2023
147
Ramon FVelasquez/Wikipedia

Shell CEO Doubles Down on Renewable Cuts Despite Internal Pushback

October 2, 2023
142
Iota 9/Wikimedia Commons

‘Huge Loss’ for Local Green Economy as Vancouver Shutters Its Economic Commission

September 28, 2023
359
YouTube

UAE Holds Major Oil and Gas Conference Before Hosting COP 28 Climate Summit

October 3, 2023
75
Solarimo/pixabay

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

October 2, 2023
261
Jon Sullivan/flickr

Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote

September 21, 2023
880

Recent Posts

Dawn Ellner/flickr

Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution

October 2, 2023
62
Northvolt plant in Sweden, Spisen/wikimedia commons

Quebec Lands $7B Battery Gigafactory Investment from Sweden’s Northvolt

October 2, 2023
62
GFDL/Wikimedia Commons

Clean Energy Funding Isn’t Just About Money, Policy Expert Warns

October 2, 2023
39
NASA Goddard Space Flight Center/Wikimedia Commons

Climate Change Brings Rapid Ice Loss to Antarctica, Arctic, Swiss Glaciers

October 2, 2023
58
Duffins Agriculture Preserve/North Country House Media via Greenbelt Foundation

Green Space Groups Gear for Bigger Fights After Ontario Reverses Greenbelt Land Grab

September 28, 2023
221
DiscoverEganville/wikimedia commons

EV Rentals to Improve Transportation Access for Ontario Townships

September 28, 2023
82
Next Post
WallpaperFlare

Lockdown-Driven Boost to European Air Quality Saves Thousands of Lives

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
The Energy Mix - Energy Central
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}