Lawmakers Warn Bank of England About Ungreen Covid Bond Buying
- Firms responsible for high carbon emissions given BOE support
- Bank urged to attach green strings to stimulus program
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Bank of England Governor Andrew Bailey is missing an opportunity to fight climate change by buying the debt of polluting companies with no green strings attached, a panel of lawmakers warned.
Parliament’s Environmental Audit Committee said the bank should buy low-carbon bonds. It also said large companies that get support through the government’s Covid Corporate Financing Facility should be required to disclose their climate change risks.