Tuesday, September 27, 2022

UK sets net-zero plan for its financial sector

Glasgow, Scotland – The British government plans to make the UK “the world’s first net-zero coalition financial centre” as companies and investors seek to profit from the campaign to create a low-carbon economy.

UK Treasury chief Rishi Sunak will outline the government’s plans during a speech on Wednesday, as top financial officials from around the world meet at the United Nations Climate Conference in Glasgow, Scotland.

As part of the initiative, UK financial institutions and publicly traded companies will be required to publish plans outlining how they will reduce their contribution to global warming as the UK reaches net carbon emissions by 2050. Tries to zero. A panel composed of industry and academic leaders, regulators and community organizations will develop benchmarks for plans to ensure companies progress toward meaningful goals.

According to a statement, Sunak will say the UK is one of the world’s leading financial centres, and therefore has a “responsibility to lead the way” in funding efforts to fight global warming.

The remarks come after Britain and other wealthy countries failed to meet their commitment to provide $100 billion a year to finance climate-related projects in the developing world by 2020.

Sunak will urge wealthy countries to boost their support for climate projects in developing countries, saying the $100 billion target will be met by 2020, according to the advance statement.

Nation World News Desk
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