The British government says it aims to transition to a green financial system and mobilise investment for a clean and resilient growth.

In his first Mansion House speech, the Chancellor of the Exchequer sets out his vision of how UK financial services can create prosperity at home and project values abroad.

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In his speech, Rishi Sunak announced plans to require companies, pension schemes, financial services firms, and their investment products to report on the impact they are having on the climate and environment – as well as the risks and opportunities facing their business.

These new integrated Sustainability Disclosure Requirements will bring together and streamline existing climate reporting requirements and go further to ensure consumers and investors have the information they need to make informed investment decisions and drive positive environmental impact.

FCA to create a new sustainable investment label

The Government intends to legislate to deliver this and will set out its approach to green finance regulation ahead of COP26.

And with over 70% of people saying they want their investments to avoid harm and achieve good for people and the planet, the Government will also work with the Financial Conduct Authority (FCA) to create a new sustainable investment label – a quality stamp – so that consumers can clearly compare the impacts and sustainability of their investments for the first time.

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Details have also been announced on the types of green projects that will be eligible for funding when the UK issues its first ever sovereign green bond, known as a green gilt, later this year, and a world-first green savings bond offered by NS&I, with yesterday’s publication of the UK Government Green Financing Framework.

Green projects eligible for £15bn of green gilts issued this year

Green projects like zero-emissions buses, offshore wind, and schemes to decarbonise homes and buildings will be eligible for funding, with at least £15bn of green gilts issued this financial year alone.

These two products will give both investors and savers across the UK the opportunity to join the collective fight against climate change and other environmental challenges, reinforce the UK’s position as a world-leader in green finance, and create new jobs in green technologies across the country.