Legal & Regulatory News

Bank of England respond to Environmental Audit Committee letter to the Governor

The Environmental Audit Committee (EAC) have written to the Governor of the Bank of England, urging the Bank to show continued leadership on climate change by ensuring that its future actions to promote economic recovery from Covid-19 reduce the UK’s exposure of climate risk. The Bank has since responded to the letter, highlighting that climate change is a strategic priority for the Bank.

In the letter, the EAC urge the Bank to align its corporate bond purchasing programme with the goals of the Paris Agreement. The EAC also recommend that the Bank should require large companies receiving taxpayer support via its Covid Corporate Financing Facility to publish climate-related financial disclosures in line with the Government’s Green Finance Strategy.

The Bank will respond in full to the letter in due course.

Click here to access the EAC letter.

Click here to access the Bank's response.