DUBLIN, Ireland: Mark Carney, Canada's incoming prime minister, has announced plans to renounce his Irish and British citizenships before taking office.

Though born in Canada, Carney has held an Irish passport for decades due to his family's roots in County Mayo.

"That Irish heritage is a big part of who I am," Carney said but emphasized that he believes a prime minister should hold only Canadian citizenship. "I have already initiated the process to renounce my citizenship in both the United Kingdom and Ireland."

Carney, a former central banker, will succeed Justin Trudeau after winning the Liberal Party's leadership contest. Trudeau resigned in January following declining approval ratings after nearly a decade in office. Carney, who has never held political office, now faces his biggest challenge: navigating Canada through Donald Trump's escalating trade policies.

"I know how to manage crises ... in a situation like this, you need experience in terms of crisis management, you need negotiating skills," Carney said during a recent leadership debate.

Born in Fort Smith, Northwest Territories, Carney studied at Harvard, where he was a standout ice hockey goalkeeper. He later built a career in global finance, spending 13 years at Goldman Sachs before serving as deputy governor of the Bank of Canada. He became the bank's governor in 2008, leading the country's response to the financial crisis. His decisive actions earned him international recognition, including his appointment as the first non-British governor of the Bank of England in 2013.

Carney was credited with stabilizing the UK economy following Brexit but faced criticism from pro-Brexit politicians who accused him of exaggerating economic risks. Conservative lawmaker Jacob Rees-Mogg labeled him the "high priest of project fear," though Carney defended his warnings as necessary.

Following his tenure at the Bank of England, Carney became a UN special envoy on climate finance, advocating for net-zero commitments. However, as businesses faced backlash over green policies, some major U.S. firms withdrew from his Glasgow Financial Alliance for Net Zero initiative.

Carney resigned from all commercial posts upon launching his Liberal leadership bid. His transition to politics has not been without missteps. When questioned about Brookfield Asset Management's decision to relocate its headquarters to the U.S., he initially claimed the move occurred after his resignation. The opposition later uncovered a letter he wrote recommending the move in December 2024.

"Sometimes I answer questions that go into detail when I should keep it at a higher level. That's part of the problem with not being a politician," he admitted when pressed on the issue.

Despite his lack of electoral experience, Carney's financial expertise and crisis management credentials have positioned him as a formidable opponent to Conservative leader Pierre Poilievre in the next general election, scheduled no later than October 2025.