UK lawmakers call on Bank of England to penalising banks finance fossil fuel
The IQ Stockmarket reported according to Reuters, UK lawmakers on Thursday called on the Bank of England to help tackle climate change by boosting investment in green finance and penalising banks that finance the fossil fuel industry.
According to the report, the intervention by a cross-party group of 51 lawmakers comes ahead of the COP26 global climate talks to be held in Glasgow, Scotland, in November and follows a recent expansion of the BoE's remit to ensure it helps meet the government's own climate goals.
It said that in a letter to BoE Governor Andrew Bailey seen by Reuters, the group said he needed to do more, as the financial sector it regulates is underpricing climate-related risk, and not enough money was being spent on green finance.
The letter said, we support the Bank operationalising its new climate and environmental remits in a manner commensurate with the scale and urgency of the challenges we are facing.