Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had recent discussions with the Bank of England on ensuring financial services sector support for the delivery of the UK’s nationally determined contribution under the Paris Agreement.

The Government is committed to delivering the UK’s Nationally Determined Contribution and transforming the economy in line with its target to reach net zero by 2050.

Recognising the importance of the financial services sector in the transition, we have published the 2023 Green Finance Strategy – Mobilising Green Investment, where we set out a framework for the UK’s ambition to become the world’s first Net-Zero-aligned Financial Centre. Through the Financial Services and Markets Act 2023, the Government has also added the UK's net zero target and environmental targets into the regulatory principles of the financial services regulators, including embedding the consideration of these across the full breadth of the Prudential Regulation Authority’s general functions and the Bank of England’s functions as a regulator of certain financial market infrastructure.