RISHI SUNAK has been slammed as UK firms will reportedly struggle to meet the Government’s £95trn plan to “rewire the entire global financial system for net zero”.
The Chancellor has outlined his ambitious roadmap to make the UK the first net zero financial centre at the COP26 climate summit. By 2023, firms will have to set out detailed public plans for how they will move to a low-carbon future, under the Glasgow Financial Alliance for Net Zero (GFANZ). These will be submitted to an expert panel to ensure they are not just spin, as Mr Sunak pledged to “rewire the entire global financial system for net zero”.
A coalition of finance groups led by former Bank of England governor Mark Carney said there was enough finance committed to keep global warming to 1.5C.
But leading figures have already criticised it.
David Barmes, senior economist at the campaign group Positive Money, said the focus was wrong as firms were still “pouring billions into environmentally harmful projects”.