Mark Carney (pictured), the former governor of the Bank of England told young investors to look for investments that are focused on sustainability.
According to Carney, younger people will experience the “adjustment” towards sustainability and should strive to benefit from it.
Many funds are now looking at sustainability before investing money, ESG (environmental, governance, and social) investing gaining a lot of attention.
Carney, who left the Bank in March after almost seven years in the job, added: “At some point that adjustment is going to happen … as a younger person, who is going to be around for that adjustment and needs to benefit — I would want to be positioned for that.”
The former central banker, speaking at the Personal Investment Management & Financial Advice Association’s “Virtual Fest on Tuesday, said that the coronavirus pandemic would only increase the shift towards sustainability.
Carney, who is currently the United Nations’ special envoy for climate change, sees opportunities in infrastructure as a “sweet spot” for the UK. According to Carney, infrastructure investments not only create jobs but have a “big multiplier effects on the economy.”
In the US also, President Trump talked about trillion-dollar spending on infrastructure during his 2016 election campaign. However, major infrastructure investments have not taken off in the US.
The UK government is taking some measures towards sustainability. Last week only it approved a £450m plan to develop the country’s largest solar park that could power up to 91,000 homes.
Last month, as part of its intention to encourage “greener travel habits,” the UK government announced a $2bn spending. These initiatives would encourage people to cycle and walk more to reduce their reliance on public transport.
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