Bank of England needs more powers to decarbonise economy, say experts
Article summary
Academics call for urgent changes to Bank’s mandate to help UK hit carbon zero target The West Burton coal-fired power station. Urgent changes to the Bank’s its mandate were needed to help Britain meet its net zero carbon emissions target, leading academics have said. […] The New Economics Foundation thinktank and Positive Money campaign group said landmark changes needed to be made by the government to give Threadneedle Street more powers to cut carbon emissions. In a letter to the chancellor, Rishi Sunak, and the Bank’s governor, Andrew Bailey, the organisations and a group of leading academics said urgent changes to its mandate were needed to help Britain meet its net zero carbon emissions target. […] To demonstrate the government’s commitment to tackling global heating, the chancellor also said the UK would launch its first green government bond.
