Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the report by the Advisory Group on Finance for the Climate Change Committee entitled The road to net-zero finance, published in December 2020, whether he plans to take steps to implement the recommendation in that report that net-zero greenhouse gas targets should be made mandatory for financial institutions.

In a Statement to the House of Commons in November 2020, the Chancellor set out his vision for the financial services sector for an open, green, and technologically advanced sector acting in the interests of communities and citizens across the UK, creating jobs, supporting businesses, and powering growth as we direct all our energies towards economic recovery.

In November 2020 we became the first country in the world to announce our intention to make TCFD-aligned disclosures fully mandatory across the UK economy. Concurrently, the Chancellor announced that the UK would create a green taxonomy to help companies and investors determine which activities are sustainable. Both policies will facilitate transition finance and prevent greenwashing.