News from COP 26
This week at COP26, the UK government announced new rules requiring financial institutions and listed companies in the UK to come up with net-zero transition plans, as we lead the world in tackling climate change.
- As we make progress towards our net-zero target, it is vital that our largest companies and financial institutions join in the fight against climate change.
- That is why the government will put legislation to the Commons which will require financial firms and listed companies in the UK to set out detailed public plans from 2023 for how they will move to a low-carbon future. These will have to be submitted to the new Transition Plan Taskforce, which will set science-based ‘gold standards’ for the plans.
- This will help make the UK the first net-zero financial centre, as we lead the world in tackling climate change.
Also this week at COP26 the UK was one of the countries to sign a deal with 105 countries to reduce methane emissions by 30 per cent by the end of the decade, as we cut emissions and keep the target of 1.5 degrees alive.
- Methane is the second largest contributor to global warming after carbon, and can warm the atmosphere 80 times as fast as carbon dioxide. Cutting these emissions will be vital in tackling climate change.
- That is why we have agreed a new Global Methane Pledge, with targets to reduce methane emissions by 30 per cent by the end of the decade, signed by 103 countries covering half of the top 30 big methane emitters around the world.
- This pledge is expected to limit global warming by about 0.2 degrees by 2050, cutting emissions as we build back greener.