CLIMATE WORRIERS. The Bank of England is taking on climate change. UK Chancellor Rishi Sunak has updated the central bank’s monetary policy remit and its target to support the government’s economic policies. Growth should now be “environmentally sustainable” and “consistent with the transition to a net zero economy”.
Central banks could do a lot: they can stress test banks for climate exposures, or could use bond buying programmes to drive down funding costs for green companies. The BoE is moving in that direction: it said on Wednesday it will now adjust its 20 billion pound corporate bond programme to account for the climate impact of the companies’ whose bonds it holds. Yet investors are already piling into green bonds and other sustainable debt.
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