The UK’s principal financial regulators must now consider climate change, with transition to net-zero now included in Prudential Regulation Committee and Financial Conduct Authority remits.

Building on their existing body of climate change-related work, the Financial Conduct Authority and Prudential Regulation Committee should now take into account the Government’s legally binding commitment to transition to a net-zero economy by 2050, following a letter from the Chancellor updating their respective remits.

This follows the publication of the updated remits for the Bank of England’s Monetary Policy Committee and Financial Policy Committee, which also reflect the importance of environmental sustainability and the transition towards net-zero.

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