During a recent interview, Mark Carney, former Governor of the Bank of Canada and the Bank of England, and now a UN special envoy on climate action and finance, invited businesses to establish a board-level committee with specific responsibility for overseeing climate change so as to better understand the risks associated with transitioning to a low carbon economy. He added it would be appropriate for boards of directors to seek out climate expertise, given the field’s complexity. In a recent Bank of Canada report, the bank emphasized that transitioning to a lower carbon economy would be complicated and could prove costly to some. The transition will probably require complex structural adjustments for carbon-heavy sectors such as oil and natural gas, and could expose insurance companies, banks and asset managers to greater risks. Creating such a committee would help reassure shareholders and stakeholders of [the bank’s] ability to properly manage the risks and opportunities that will present themselves as climate changes continue to impact the economy and financial system.