A shift by capital markets to clean-energy financing will be key to delivering the trillions of dollars a year needed to curb the greenhouse gas emissions causing climate change, Bank of England Governor Mark Carney said. "The shift to capital markets from banks will free up limited bank balance sheet capacity for early-stage project financing and other important infrastructure lending," Carney said during a speech at the United Nations in New York April 21. As much as $7 trillion a year will be required to fund new clean energy, agriculture and water and sanitation infrastructure, he said.
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