Rishi Sunak to announce £15bn green finance plan

Chancellor Rishi Sunak is set to launch a green finance plan worth £15bn and a savings plan that will help to fund green jobs.

The plans will transform the City of London into a hub for green finance in a move to try to boost its competitiveness on the global stage after Brexit.

Sunak is expected to tell finance chiefs and young industry leaders that he wants to “sharpen our competitive advantage in financial services”.

In the speech, Sunak will say: “As the baton passes to a new generation of leaders in finance, I feel optimistic about the future. Ambitious at home. Confident internationally. With a plan to make this country the world’s most advanced and exciting financial services hub for decades to come, creating prosperity at home and projecting our values abroad.”

Chancellor Sunak will also launch a separate green savings bond for UK consumers, which is to be used to help fund infrastructure schemes and create more green jobs across the UK.

The green savings bonds will be available through National Savings & Investments (NS&I), offering consumers an opportunity to support green projects while receiving a fixed rate on their savings over a three-year term.

The Treasury will aim to raise at least £15 billion through the green bonds, using the money to invest in zero-emissions buses, offshore wind and efforts to decarbonise homes and buildings.

It is expected that the bonds will also be used to pay for climate change adaptation programmes such as flood defences or tree planting.

The plan comes ahead of the COP2 climate conference in Glasgow later this year.