MPs launch new inquiry into the role of the financial sector in the UK's net-zero transition

EAC calls for 'explicit commitments'

The Environmental Audit Committee (EAC) has launched a new inquiry to examine the role of the financial sector in the UK’s net-zero transition efforts.

The inquiry comes as, according to the EAC, few nation states and financial institutions are yet to make explicit commitments to phase out fossil fuels or be transparent regarding their exposure to fossil fuel investments. The committee is calling on financial institutions that are signatories of the Glasgow Financial Alliance for Net Zero (GFANZ)  to submit written evidence on decarbonisation initiatives and their impact by 5pm on Thursday 30th June 2022, as well as to make public statements about their policies on fossil fuel and investment in renewable energy technologies.  "Mobili...