City of London Corporation welcomes UK plans to become the world’s first net zero aligned financial centre
The Chancellor Rishi Sunak made a speech this morning [3 November] at COP26 Finance Day in Glasgow, where he announced plans for the UK to be the world’s first net zero aligned financial centre. He spoke about new requirements for UK financial institutions and listed companies to publish net zero transition plans that detail how they will adapt and decarbonise as the UK moves towards to a net zero economy by 2050.
Reacting to the news, City of London Corporation Policy Chair Catherine McGuinness said:
“We warmly welcome the Chancellor’s announcement, which is good news for the planet, and for reinforcing the UK’s place as a leading green finance centre.
“While many firms were already taking this step, the new rules will ensure that the UK sets the pace internationally.
“Critically, this move will support investors’ ability to drive change, and give them a clearer understanding of the impact of their equity investments.”
“Steps like these will help ensure that the financial and professional services sector delivers what is needed to combat climate change.”
As part of its Climate Action Strategy, the City Corporation is committed to achieving net zero carbon emissions for its own operations by 2027 and to support the achievement of net zero for the whole Square Mile by 2040.
Notes to editors
About the City of London Corporation
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk