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Climate Change Convention

Question for Treasury

UIN 597, tabled on 11 February 2020

To ask the Chancellor of the Exchequer, with reference to page 8 of the Green Finance Strategy published on 2 July 2019, what correspondence he has sent to the Bank of England (a) Financial Policy Committee and (b) Prudential Regulation Authority to clarify their responsibilities to have regard to the Paris Agreement on climate change; if he will publish that correspondence; what plans he has to further clarify those responsibilities; and if he will make a statement.

Answered on

24 February 2020

The Government has a statutory obligation to issue letters of recommendations to the Prudential Regulation Authority and the Financial Conduct Authority at least once in each Parliament, and a remit and recommendations letter to the Financial Policy Committee at least once per calendar year. The Treasury lays copies of these letters before Parliament.

In order to meet its statutory obligation, the Government last issued these letters on 4 November 2019. Given the pre-election period was about to begin, the Government decided to roll over the existing remits.

The Government continues to recognise the importance of making clear the responsibilities of these bodies in relation to the COP21 Paris Agreement and will set this out in their next remit letters.

Answered by

Named day
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