8 October 2021
85 MPs and peers from across Britain’s main political parties have written to the Bank of England governor, Andrew Bailey, encouraging him to align UK finance with the government’s climate goals.
The letter recommends that the Bank of England, as the public institution tasked with overseeing Britain’s financial system, uses the new green mandate given to it by the Treasury to help steer billions of pounds of finance away from risky fossil fuel investments and towards green, job-creating alternatives.
The signatories warn that climate change and biodiversity loss are already jeopardising the Bank’s ability to meet its core objectives, and urge Bailey to put its new green remit into practice “in a manner commensurate with the scale and urgency of the challenges we are facing”.
You can read the full letter and list of signatories here.