Thank you for contacting me about financial services and the environment.
I am strongly encouraged by the Government’s vision for the future of Britain's financial services sector shaped around four key themes, including the determination to make the UK a world-leader in green finance.
The Bank of England has also introduced new environmental sustainability and net zero remits which have been granted to the Bank of England's Monetary Policy Committee and Financial Policy Committee. The amended objectives, which emphasise sustainable growth consistent with the transition to a net zero economy, are designed to help mobilise innovation and finance in the protection of our environment and fight against climate change.
The UK recently issued the UK’s first ever Sovereign Green Bond, becoming the first country in the world to make Taskforce on Climate-Related Disclosures mandatory by 2023. I was excited to see the Chancellor unveil a roadmap for sustainable investing which includes details on Sustainability Disclosure Requirements and a new UK Green Taxonomy which will create a shared understanding of which economic activities are classed as green.The UK has also used its chair of the G7 to broker an agreement to move towards making climate disclosures mandatory across their respective economies.
The Government has also announced its intention to enable the new UK Infrastructure Bank (UKIB) to provide financing for strategic and high value net zero projects and crowding in private sector investment for such projects. The UKIB will also build an expert advisory service to assist local authorities with the development and financing of green infrastructure.
I know that my colleagues at the Treasury are committed to ensuring that the financial system plays a major role in the delivery of the UK’s net zero target and ambitions for a ‘nature positive’ future at home and abroad.