uk meeting: The Treasury is also urging City banks to play a bigger role in supporting the UK meeting its legal target to create a net-zero carbon economy by 2050, according to The Guardian. UK committed nearly 2bn to fossil fuel projects abroad last year Read more Under a new government strategy, banks will be pushed to invest in sustainability and come clean about their own exposure to the climate crisis. Firms must document within the two-and-a-half-year deadline how extreme weather and changes to climate rules, such as a ban on plastic packaging, could hit their profits. The Treasury said its green finance strategy would help the City emerge as a green finance capital by funding green investment, an education charter, a green home finance fund and by establishing a new green finance institute. Financial services firms will also be expected to disclose how climate emergency risk impacts their activities by 2022. The institute succeeds the green finance taskforce that was launched in 2017 and will encourage investment in sustainable businesses such as renewable energy firms.
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