I am strongly encouraged by the Government’s vision for the future of Britain's financial services sector shaped around four key themes, including the determination to make the UK a world leader in green finance.

On 9 December 2022, the Chancellor unveiled the Edinburgh Reforms, a package of measures that will ensure that the financial system plays a major role in the delivery of the UK’s net zero target.

The UK is the world’s premier financial centre for sustainable finance. The Government is acting to ensure the UK retains global leadership in this rapidly growing sector, helping to unlock the private financing needed for net zero. I welcome the publication of the 2023 Green Finance Strategy, which sets out how the UK Government will pursue its ambition to become the world’s first net zero-aligned financial centre – equipping the market with the information and tools necessary to drive the transition.

Bank of England's Green Mandate, I also welcome the new environmental sustainability and net zero remits which have been granted to the Bank of England's Monetary Policy Committee and Financial Policy Committee. I believe that the amended objectives, which emphasise sustainable growth consistent with the transition to a net zero economy, will be essential in helping mobilise innovation and finance in the protection of our environment and fight against climate change.

The UK issued the UK’s first ever Sovereign Green Bond in 2021, becoming the first country in the world to make Taskforce on Climate-Related Disclosures mandatory by 2023. I am proud that the UK also used its chair of the G7 to broker an agreement to move towards making climate disclosures mandatory across their respective economies.

The Government has also announced its intention to enable the new UK Infrastructure Bank (UKIB) to provide financing for strategic and high-value net zero projects and crowding in private sector investment for such projects. The UKIB will also build an expert advisory service to assist local authorities with the development and financing of green infrastructure.

I know that my colleagues at the Treasury are committed to ensuring that the financial system plays a major role in the delivery of the UK’s net zero target and ambitions for a ‘nature positive’ future at home and abroad.