NOVEMBER- DECEMBER 2021

REVIEW
A compelling read from a polymath
Value(s)
Building a Better World for All
By Mark Carney
£30 William Collins
ISBN: 978-0-00-842109-0
THIS is a surprising book, at least
to this reader. For not only does
it have a very wide remit, but
it is also evidence that this former central
bank governor is something of a polymath,
with interest in and thought-provoking
views on a multitude of disciplines from
ancient history to derivative markets.
When Carney’s tenure as governor
of the Bank of England ended in 2120 he
might have chosen to take on and be very
handsomely compensated with almost any
senior position in the world of finance.
But he chose instead a role as a UN
Special Envoy for Climate Action and
Finance, and becoming a finance advisor
for COP 26 to the British Prime Minister.
What emerged from the COP 26
Glasgow summit was a realisation that
mobilising finance is critical if the world
is to to deliver the urgent action needed to
limit global temperature rises to 1.5C.
Trillions of dollars of additional
investment a year are needed to secure a
low-carbon future and support countries
already living with the devastating impacts
of climate change.
After all, how can the world expect
those developing countries, in Africa
and elsewhere, to forego burning coal
(the dirtiest of fossil fuels) if they are not
compensated sufficiently to finance the
development of renewable energy systems?
While this book covers a number of
different themes, Carney devotes a chapter
to the climate crises. He writes: “Over
the next three decades, the total required
investments in the energy sector alone
will be $3.5 trillion per year. Another $50
to $135 billion per year will be needed
to develop and scale carbon capture and
biofuel technology.
“And more than six billion people
will live in urban areas. Some 400 million
VALUE(S) cover
homes are expected to be built in the next
decade alone, all of which will require
green technology and infrastructure to align
with a net-zero, resilient transition.”
This is a staggering summary of the
challenges ahead. But Carney believes
it possible to meet those challenges:
“Developing countries face twin challenges
of climate change and development. They
suffer some of the greatest harms from the
physical impacts of climate change and, as
we have seen, have enormous gaps in their
abilities to build resilience and to adapt
their economies to a more volatile climate.
“Moreover, green technologies are
capital intensive, and the cost of capital
in developing countries is higher due to
a combination of political and regulatory
uncertainties, less liquid and less developed
financial markets and the economic impacts
of climate risk itself.”
Despite Greta Thunberg, the feisty
Swedish climate activist, declaring that
COP 26 was nothing more than “a Global
North greenwash festival. A two week
celebration of business as usual and blah
blah blah”, Carney could claim that the
Glasgow Financial Alliance for Net Zero
had brought together financial organisations
with assets worth more than $130 trillion
of capital to be deployed for the net zero
transition around the world.
That alone is a remarkable achievement
and it makes this book an even more
compelling read.
Stephen Williams
AB
42
AFRICA BRIEFING NOVEMBER - DECEMBER 2021