Rishi Sunak to announce £15bn green gilt in bid to drive investment in renewable energy
Chancellor will say he wants to make UK most ‘advanced and exciting’ financial services hub in the world
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rishi Sunak is expected to announce plans to issue £15 billion of green gilts in the upcoming financial year to boost Britain's transition to net zero and create green jobs across the country.
The chancellor will use his first Mansion House speech on Thursday to outline the plans and vow to make the UK the most "advanced and exciting" financial services hub in the world.
The government has previously committed to hitting net-zero emissions by 2050.
"As the baton passes to a new generation of leaders in finance, I feel optimistic about the future. Ambitious at home. Confident internationally," he will say.
"With a plan to make this country the world's most advanced and exciting financial services hub for decades to come, creating prosperity at home and projecting our values abroad."
Mr Sunak will announce plans to force companies to report their environmental and climate impact.
The so-called Integrated Sustainability Disclosures Requirements will apply to firms "across the economy", the Treasury said.
Companies will also be required to say what risks and opportunities they are facing from climate change.
Big business has in recent years come under increasing pressure to react to the climate crisis.
Oil giants BP and Shell have set out targets that they say will reduce their emissions to "net zero" by the middle of this century.
However, experts worry that companies are setting their own goals and their disclosures on climate impact are impossible to compare to each other.
They have called for mandatory reporting, which would make it easier for investors to assess what companies are progressing the fastest to combat climate change.
On Wednesday the government also revealed details of a new green bond which it hopes can unlock some of the savings that people have collected during the pandemic.
The Treasury will aim to raise at least £15 billion through the green bonds, using the money to invest in zero-emissions buses, offshore wind and efforts to decarbonise homes and buildings.
The bonds will also be used to pay for climate change adaptation programmes such as flood defences or tree planting.
Additional reporting by Press Association
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments