Richard has welcomed the Chancellor's announcement of the UK’s first ever Sovereign Green Bond. During a statement to the House of Commons yesterday, the Chancellor announced a range of measures relating to financial services. Following the UK’s departure from the EU, the government’s approach to financial services will be guided by what is right for the UK and one of its most productive and innovative sectors.
Meeting this country's 2050 net zero target is critical. The Government will issue its first Sovereign Green Bond in 2021 subject to market conditions – and intends to follow up with a series of further issuances to meet growing investor demand for these products. These bonds will help finance projects that will tackle climate change, finance much-needed infrastructure investment and create green jobs across the country.
Next year, the UK will host the 26th UN Climate Change Conference of the Parties (COP26) . The climate talks will be the biggest international summit the UK has ever hosted; bringing together over 30,000 delegates including heads of state, climate experts and campaigners to agree coordinated action to tackle climate change. Although there are many ways in which the Government is meeting the challenge of climate change, the announcement yesterday will provide a welcome new element in the fight against climate change.
During his response to Richard's question, the Chancellor agreed to meet Richard to discuss this further.
Following the question, Richard said: "I am pleased that the Chancellor has agreed to meet me to discuss this vital announcement. Finding ways in which all generations can work together, through innovations such as these, to deliver a greener infrastructure for our country are so important. These bonds will help finance projects that will tackle climate change, finance much-needed infrastructure investment and create green jobs. The bonds will be the start of green investment products which will enable everyone to participate in providing green infrastructure from grandparents looking to invest in a green way to the younger generation looking to develop their employment skills and training in the growing green sector of our economy."