On Monday (9 November), the Rt Hon Rishi Sunak MP, Chancellor of the Exchequer, made a statement setting out the Government’s ambition to extend the UK’s global leadership in green finance and financial technology. High Peak MP Robert Largan welcomed this announcement in Parliament.
The Chancellor put forward plans for issuing the UK’s first ever Sovereign Green Bond ahead of hosting COP26 next year. The bonds will help fund projects that will tackle climate change, build infrastructure, and create green jobs.
In response to the statement, Robert Largan MP asked the Chancellor:
“Financial services are worth over £130 billion to the UK economy and support over 1 million jobs, two thirds of which are outside London, so I wholeheartedly welcome this statement. I also welcome the announcement on the sovereign green bonds. Can the Chancellor confirm that those bonds will fund crucial projects to tackle climate change, such as the restoration of the moorlands in the Peak district and vital infrastructure investment to improve public transport across the north of England?”
The Chancellor responded:
“My hon. Friend is absolutely right. The transition to net zero will require enormous sums of capital to help finance it. Along with all the other market developments that it will catalyse, this bond will ensure that we can attract that capital into the UK to build the infrastructure we need.”
Robert Largan MP commented:
“This is really positive news about the launch of Sovereign Green Bonds. Ever since my first question in Parliament, I have been pushing the Government to do everything possible to reach net zero, through nature-based solutions and investment in public transport.
“I am pleased that the Chancellor has listened and acted. Leading from the front on green finance will help High Peak build back better.”