Wednesday 3 November 2021

COP26: Rishi Sunak to unveil how to make UK the first net zero financial centre

On the third day of COP26, Rishi Sunak is set to unveil plans on how the UK will be transformed into the first net zero financial centre.

The Chancellor will tell companies to set out plans by 2023 on how they will move to a low carbon future.

The HM Treasury said these business plans must include targets to mitigate climate risk, interim goals and measures to meet them.

The HM Treasury said: "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."

The Chancellor will also announce that around 450 companies that control almost 40% of global financial assets, equivalent to $130 trillion (£95tn) have already committed to taking actions to limit global warming to 1.5°C.