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City of London

Bank of England Will Cut Spending for its Work on Climate Change

  • Cost pressures prompt central bank to focus on core areas
  • Shift marks break from ex-governor Mark Carney’s era

The Bank of England plans to cut spending on climate change work and redirect the money to core functions because of rising pressures on its costs.

Climate programs will slip lower on the central bank’s agenda so officials can focus more on the core operations such as financial stability, markets and a digital currency, according to a person with knowledge of the situation who asked not to be named. The BOE’s climate work currently focuses on building ESG disclosure guidelines, preparing insurers for risks from rising global temperatures and getting banks to carbon-test their balance sheets.