‘Remarkable to see big cos going green’
NEW DELHI : The transformation under way in India is a key source of optimism for Mark Carney, the chair of Brookfield Asset Management, and the head of transition investing and UN special envoy for climate action and finance. In an interview, Carney, who was the governor of Central Bank of Canada (2008-13) and Bank of England (2013-2020) before joining the asset manager, said it was impressive that some of India’s largest conglomerates are pushing ahead in the clean-energy space. Last year, Brookfield closed a $15 billion global fund to invest in clean energy; of this, the asset manager invested $1.5 billion in India.
Now, it is looking to close a second global fund that will be bigger than the first one, Carney said. Edited excerpts: Well I’m not sure I used that phrase because I would rather extend it beyond this decade. There’s lots of reasons to be very positive about the country.
From Brookfield’s perspective, we are a big investor and we expect to grow significantly across all our activities. I’m very positive and upbeat because I’ve been observing some of the substantive things that have been undertaken in India. Well, you need multiple factors that support that success.
First, when I look at the overall situation over the course of the broader sweep of the last three decades, the macroeconomic framework and the performance, you know, the foundation has been put in place. Secondly, you know, the absolute scale of the economy, the large number of middle class getting to the inflection point and the consumption. Thirdly, the diversity of the economic drivers in this economy.
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