The Climate Bonds Initiative has presented the UK government with two awards in recognition of its work as a global leader in green financing.
The awards, which included the Largest Green Sovereign Bond and Sovereign Green Market Pioneer, were given in recognition of our innovative and world-leading approach to green project financing.
The Climate Bonds Initiative, which organized the Climate Bonds Awards, is a non-profit dedicated to mobilizing global money to combat climate change.
HM Treasury was recognized today for its global leadership in green finance by winning two awards at the 2022 Climate Bond Awards, which honor best practice and innovation in green finance.
In 2021, the United Kingdom received the Largest Green Sovereign Bond and the Sovereign Green Market Pioneer awards for its work in green finance. The first honor recognizes the United Kingdom’s maiden green gilt issuance in September 2021, which was issued by the UK Debt Management Office and raised £10 billion to fund projects such as offshore wind – the largest inaugural green bond issuance ever undertaken by a nation.
The judges also praised the United Kingdom for its innovative approach to green finance, including the creation of the world’s first Green Savings Bonds, which allow savers to deposit money with the government, with the government then allocating the same amount for investment in green projects such as offshore wind.
Economic Secretary to the Treasury, John Glen said:
“I am delighted that the UK’s innovative approach to tackling climate change has been recognised at the Climate Bond Awards.”
“The UK’s green bond is a key pillar of our green finance agenda and will help reinforce the UK’s position as a leader in sustainable finance, and our continued commitment to make the UK the world’s first net zero aligned financial centre and net zero economy by 2050.”
In accordance with the Taskforce on Climate-Related Financial Disclosures, the United Kingdom became the first major economy to demand fully mandatory reporting on climate-related risks and opportunities across the economy (TCFD). The Transition Plan Taskforce in the United Kingdom is also producing the gold standard for private sector transition plans.