Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the Bank of England on adding rapid decarbonisation objectives to its mandate; and if he will make a statement.

In March, as part of the Remit and Recommendations letter for the Bank of England’s Financial Policy Committee, the Chancellor recommended that the Committee should continue to regard risks from climate change as relevant to its primary and secondary objectives.

The Government remains committed to including new and ambitious recommendations to the regulators, including the Prudential Regulatory Authority, about the government’s NetZero objectives, as set out in the 2019 Green Finance Strategy. We plan to issue remit letters at the next opportunity to allow the government to reiterate its expectations for the regulators, ahead of the UK’s hosting of the COP26 summit in November 2021.

Finally, on 9 November, the Chancellor delivered a statement to the House, outlining the Government’s plans for financial services, including new proposals to support sustainable financial flows and extend the UK’s global leadership in green finance ahead of hosting COP26.