Climate Change and Renewable Energy
The question
To ask the Chancellor of the Exchequer, if she will make it her policy to instruct the Bank of England to publish a strategy detailing how it will support the UK’s (a) climate and nature goals and (b) green energy mission.
Answered by Lucy Rigby
The Government is committed to integrating climate and nature into economic and financial decision making. The remits for the Financial Policy Committee, Prudential Regulation Committee and Monetary Policy Committee all set out the government’s economic strategy, which includes accelerating the transition to a climate resilient, nature positive and net zero economy. Climate-related considerations are therefore embedded across the Bank of England’s work, including in relation to its statutory objectives for price and financial stability.
The Bank published its Climate Transition Plan in June 2023, and it also publishes annual climate-related financial disclosures. These annual reports set out the climate risks to which the Bank is exposed, the emissions associated with the Bank’s own financial and physical operations and the Bank’s work on climate change.
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