🇬🇧 Britain’s Labour government has reinstated climate change as an important objective of central bank policy but it is sending mixed messages on the centrality of the goal as it seeks to revive growth in the UK economy, experts say. greencentralbanking.com/2025/01/29/u... - ThreadSky

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greencb.bsky.social • 26 days ago

🇬🇧 Britain’s Labour government has reinstated climate change as an important objective of central bank policy but it is sending mixed messages on the centrality of the goal as it seeks to revive growth in the UK economy, experts say.

https://greencentralbanking.com/2025/01/29/uk-rachel-reeves-drive-for-growth-climate-targets/?utm_source=bluesky&utm_medium=social&utm_campaign=news

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greencb.bsky.social•26 days ago

Chancellor Rachel Reeves told the @bankofengland.bsky.social financial policy committee in its annual remit letter that the climate and nature crisis is the greatest long-term global challenge and the risks it poses are relevant to its primary objective of maintaining financial stability.

greencb.bsky.social•26 days ago

However, Reeves said at the @weforum.org in Davos that she would prioritise growth over reaching net zero if forced to choose.

greencb.bsky.social•26 days ago

In a speech yesterday, Reeves confirmed the UK government’s support for a new runway at London’s Heathrow airport, a move criticised by campaigners and other politicians as incompatible with efforts to tackle climate change.

greencb.bsky.social•26 days ago

Under former governor Mark Carney, the BoE was considered a leader in addressing climate change but it has slipped down the Green Central Banking Scorecard compiled by thinktank @positivemoneyuk.bsky.social after Reeves’ predecessor Jeremy Hunt removed climate change from his remit letter in 2023.

greencb.bsky.social•26 days ago

David Barmes, a policy fellow at @granthamlse.bsky.social, said “The green agenda went a little bit out of fashion during the inflationary episode … The bank didn’t stop working on climate issues but started doing it more quietly.”

greencb.bsky.social•26 days ago

“It’s a bit difficult to tell how much of not emphasising ‘green’ quite as much is just for the optics, and how much is actually a change in policy vision,” said Theo Harris, at @neweconomics.bsky.social.

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