Bank of England Gets New Mandate to Drive Net-Zero Goals

The Bank of England will seek to start greening its corporate bond-buying program from the end of the year after the government said it must consider the U.K.’s pledge to eliminate greenhouse gas pollution in future policy.

The central bank’s mandate will be updated to “reflect the importance of environmental sustainability and the transition to net-zero,” Chancellor of the Exchequer Rishi Sunak in his budget statement Wednesday. The BOE said it will provide more information about how it plans to adjust its corporate bond-buying program to “account for the climate impact of the issuers.”