the world’s first “net zero finance centre”. Arriving in Glasgow with Carney, the Minister unveiled plans to force hundreds of Britain’s biggest firms to go green, with a wide-ranging proposals to ‘rewire’ the economy to minimise the effects of climate change, including a mandatory requirement on public companies to report on their plans to achieve net zero carbon emissions.
“I’m proud that under the UK’s leadership, the number of financial firms committed to net zero plans has tripled, with the assets now covered totalling $130 trillion,” Sunak said. “Harnessing the trillions of dollars controlled by these companies in the fight against climate change is crucial. So I’ve announced new requirements for firms to publish their net zero transition plans. Together we can provide the cash the world needs to stop catastrophic climate change.”
Meanwhile, the chairman of the GFANZ, who is also the former Governor of the Bank of England, underscored the need to transform the architecture of the global financial system to deliver net zero carbon emissions by mid-century.
“We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account,” Carney noted. “[This] rapid, and large-scale, increase in capital commitment to net zero, through GFANZ, makes the transition to a 1.5C world possible.”
