Greens pledge to demand non-bank financial institutions to divest from fossil fuels by 2030

Additional mandate for the BoE

The Green Party has pledged to demand non-bank financial institutions, such as pension funds and mutual funds, to mandatorily divest from fossil fuels by 2030 if it wins the general election on 4 July.

In its general election manifesto published today (12 June), the party also promised to change the Bank of England's mandate to make the sustainability transition a central objective, alongside price stability. The Greens, led by Carla Denyer and Adrian Ramsay, said the Bank will be required to mainstream the climate crisis into its strategic thinking and produce a carbon-neutrality roadmap for the financial system, including forward planning scenarios consistent with a 1.5°C warming limit. Other proposals include requiring the BoE to adopt a policy of credit guidance to direct lendin...