New report calls for Bank of England to be ‘hardwired’ for climate change

LLB Reporter

Source: ©Photoshot

Here’s why

Research and campaign group Positive Money is today launching a new report calling for the Bank of England to be given a new mandate and set of tools to actively promote the transition to a low-carbon economy.

‘A Green Bank of England: Central Banking for a Low-Carbon Economy’ assesses the central bank’s monetary policy framework from an environmental perspective. It challenges the Bank’s record on climate sustainability and concludes that reform of its mandate is necessary to meet the economic challenge posed by climate change.

The report breaks new ground by looking at climate change through the lens of investment as well as financial stability. It makes a number of macroprudential and monetary policy recommendations to reduce the financing of fossil fuels, decarbonise the financial sector, expand investment in green sectors, and increase the coherence of the Bank of England’s climate policy positions.

Among the recommendations:

Related Articles

Text size

Desktop Site | Mobile Site