Source · Select Committees · Environmental Audit Committee
Recommendation 30
30
Paragraph: 196
We welcome the Government’s announcement of a Sovereign Green Bond and consider that it has...
Recommendation
We welcome the Government’s announcement of a Sovereign Green Bond and consider that it has significant potential to incentivise a green recovery. We recommend that the Government undertake a full evaluation of the potential economic and social benefits of its bond issuance, especially with respect to the creation of green jobs.
Paragraph Reference:
196
Government Response
Acknowledged
HM Government
Acknowledged
As part of the UK’s Sovereign Green Bond (or ‘green gilt’) programme, the Government will report, post-issuance, on both the allocation of proceeds to green expenditures and on the environmental impacts of spend financed by the green gilts, in line with market best practice. In addition, at Budget the Chancellor announced that the UK is committed to reporting on the important social co-benefits associated with green spend financed by the gilts, such as job creation and socioeconomic advancement. This is a first among comparable sovereign issuers and reflects the Government’s recognition of the importance of understanding the potential impact of the net zero transition and achieving other environmental goals on households across the country. Further details about the UK’s green gilt programme—including the categories of green expenditures to be financed and the associated reporting processes—will be provided in the Framework document, which will be published by the end of June.