Chancellor sets out plans for UK to be world’s first net zero financial centre

Released 03 November 2021

The Chancellor set out the UK’s plans to become the world’s first net zero aligned financial centre and welcomed “historic” climate commitments from private companies covering $130 trillion of financial assets as he hosted Finance Day at COP26.

Convening the largest ever meeting of finance leaders on climate change, Rishi Sunak set out the UK’s “responsibility to lead the way”. Under the proposals, there will be new requirements for UK financial institutions and listed companies to publish net zero transition plans that detail how they will adapt and decarbonise as the UK moves towards to a net zero economy by 2050.

To guard against greenwashing, a science-based ‘gold standard’ for transition plans will be drawn up by a new Transition Plan Taskforce, composed of industry and academic leaders, regulators, and civil society groups.

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