At COP26 last week, Chancellor Rishi Sunak stated his intention to make the UK the world’s first net zero aligned financial centre. As well as financial institutions contributing money, he said that he has secured commitments from companies covering $130tr of financial assets that would create a pool of cash that could fund the net zero transition by 2050. Mr Sunak also set out new requirements for UK financial institutions and listed companies to publish net zero transition plans. A new transition plan taskforce will be created to set out plans for a ‘gold standard’ which is due to report at the end of 2022, and once developed the government will expect firms to start publishing these in 2023.
Frustrated by the lack of a current global solution, European Commission President Ursula von der Leyen at a separate carbon pricing side event also advocated the introduction of an EU carbon border adjustment mechanism.
At COP26 last week, Chancellor Rishi Sunak stated his intention to make the UK the world’s first net zero aligned financial centre. As well as financial institutions contributing money, he said that he has secured commitments from companies covering $130tr of financial assets that would create a pool of cash that could fund the net zero transition by 2050. Mr Sunak also set out new requirements for UK financial institutions and listed companies to publish net zero transition plans. A new transition plan taskforce will be created to set out plans for a ‘gold standard’ which is due to report at the end of 2022, and once developed the government will expect firms to start publishing these in 2023.
Frustrated by the lack of a current global solution, European Commission President Ursula von der Leyen at a separate carbon pricing side event also advocated the introduction of an EU carbon border adjustment mechanism.
