Former Bank of England governor Mark Carney said the UK’s financial watchdogs must have their mandates updated to better support the government’s push towards net zero.

Speaking at Deloitte’s Growth 2035, Turbocharging the UK’s Economy in the Pursuit of Net Zero event, Carney said the Bank of England and Financial Conduct Authority need the power to supervise companies’ transition plan disclosure requirements and perform stress testing around financial risks stemming from climate change.