Responding to Andrew Bailey’s comments that he doesn’t think there is any lack of leadership from the Bank of England on climate change, Simon Youel, Head of Policy and Advocacy at Positive Money, said:
“Andrew Bailey claims that there is no ‘lack of leadership’ on climate action at the Bank of England, but nine months after he promised to make greening the Bank’s corporate bond purchases ‘a priority’, we still haven’t seen the urgent reforms we need to catalyse a green transition.
“Despite the governor’s claims that there is no existing standard for decarbonising asset purchases, other central banks are already showing the Bank of England how it can be done. Bailey need only look to Sweden’s Riskbank, who have already announced measures to exclude bonds from companies in breach of international norms on sustainability. Meanwhile the Bank of England still seems to be shying away from commitments to divest from even the worst polluters.
“The Bank of England is falling behind on climate, and needs to show global leadership in this field ahead of the UK hosting COP26.”
PLEASE SUPPORT US FOR JUST £2 A MONTH
