These will hit banks the heaviest, the Bank of England warns

The bank said this was the largest decrease in its carbon footprint in a single year since it was first calculated in 2015/16

It will explore the two key risks from climate change – the impact of the move towards a net zero economy and risks associated with higher global temperatures

The Financial Conduct Authority and Prudential Regulation Committee, which supervise financial services companies, should take into account the government’s legally binding commitment to transition to a net zero economy by 2050

The Environmental Audit Committee says the bank’s corporate bond purchases are currently aligned with a ‘catastrophic’ 3.5°C temperature rise by 2100