Chancellor Of The Exchequer To Announce £15 Billion Green Finance Plan
On Thursday, Chancellor Of The Exchequer Rishi Sunak will announce plans to boost sustainability in the City of London, turning it into a hub for green finance.
The move comes as part of a push by the UK government to step up its global competitiveness following Britain’s exit from the EU. Rishi Sunak is anticipated to use his first speech at the annual Mansion House address to announce the details of a £15 billion programme of government bond issuance. All profits will be invested in environmentally sustainable projects.
Sunak will also announce the launch of a separate green savings bond for UK consumers in a bid to turn the country into a global leader for low-carbon financial services. The green savings bond will be used to support infrastructure schemes and create more green jobs within the UK.
The green savings bonds will provide consumers with the opportunity to support environmentally-friendly projects whilst receiving a fixed rate on their savings over a three-year term. The green bond issuances will help finance low-carbon schemes, such as offshore wind, low-emissions transport, and investments to boost biodiversity. They will be available through National Savings & Investments (NS&I), with a minimum investment of £100 and a maximum of £100,000 per individual. The green savings bonds will launch later in 2021.