The UK set to be the world's first "net zero financial centre"
Wednesday, November 3, 2021
Ambitious plans to create a massive pool of money to invest in a green future will make the United Kingdom the "world's first net zero-aligned financial centre" Businesses have $130 trillion worth of assets under management committed to keeping global warming to below 1.5 degrees, Rishi Sunak suggested.
Rishi Sunak, who has called for the biggest ever meeting of financial policymakers on climate change would set out the UK 'responsibility to lead the way'.
Party chairwoman Rebecca Newsom said: "The world's first" no alignment net "The world's first net zero-aligned financial centre would be one in which financial institutions and companies are required by law at the outset to bring their lending and investments in line with the global goal to limit warming to 1.5C.
The UK has also been working as chair of the G7, working in partnership with other G-20 countries, to ensure that all economic and financial decisions reflect the risks of climate change.
The proposals introduce new requirements for UK financial institutions and public-listed enterprises to publish transition plans setting out in more detail how they will adapt and decarbonise in the future as the UK moves towards a net economy of no more than zero by 2050.
The financial pledges come from more than 450 companies across every branch, located in 45 countries on six continents and made available through Glasgow Financial Alliance for Net Zero (GFANZ)
Under the Glasgow Financial Alliance for Net Zero (CCTB) deal brokered by former Bank of England governor Mark Carney, banks require fewer short-term financing cuts.
This new fund will use flows from the existing capital to issue billions of pounds in green bonds in the City of London and it could mobilize approximately $30 to $70 billion of additional revenue from other sources on specific clean energy projects.