Boris green lights Carrie’s environmental funds despite Chancellor’s concern

Boris Johnson has won a battle with Chancellor Rishi Sunak to fund the ‘green’ projects beloved of fiancee Carrie Symonds despite opposition from a sceptical Treasury.

The Prime Minister’s relationship with Ms Symonds, a passionate environmentalist, has been credited with influencing his declarations about ‘building a green recovery’ after the Covid pandemic by striking agreements on cutting carbon emissions and boosting renewable technologies.

Now, as the UK prepares to hold the presidency of both the G7 and the UN Climate Change Conference (COP26) next year, Mr Johnson has overcome Treasury opposition to the introduction of ‘green bonds’, which act like mortgages for businesses that want to pursue environmentally friendly projects.

Carrie Symonds, left, has convinced Boris Johnson about the need for green bonds

Carrie Symonds, left, has convinced Boris Johnson about the need for green bonds

Carrie Symonds, left, has convinced Boris Johnson about the need for green bonds

Chancellor Rishi Sunak has expressed concern about the need for green bonds

Chancellor Rishi Sunak has expressed concern about the need for green bonds

Chancellor Rishi Sunak has expressed concern about the need for green bonds 

The Government has faced significant criticism over preparations for the summit, with former COP President Claire Perry O’Neill attacking Mr Johnson for a ‘failure of global vision and leadership’.

The US, China and France currently boast the three largest green bond markets, with Barclays, Credit Suisse and NatWest among 30 firms to last month back the introduction of a new ‘Green+ Gilt’.

Mr Johnson – whose father Stanley is also a committed environmentalist – used his speech to the Tory Party conference to back a clean energy revolution. Ms Symonds, who is on maternity leave from her job as an adviser at Oceana working to support the Bloomberg Foundation’s Vibrant Oceans Initiative, wears ethical clothing labels and campaigns on issues such as stopping the cull of badgers.

A source said: ‘Rishi’s Treasury is typically cool on issues such as green bonds, regarding them as a bit “gimmicky”, but Boris is less sceptical, and thinks that the “optics” would be good for COP26.’

The Treasury is understood to fear that transforming the goals of central banks risks damaging their credibility and could fuel a dangerous green asset bubble. Almost £182 billion of green bonds were issued worldwide last year – a rise of 20,000 per cent in a decade, according to Environmental Finance. A letter co-signed by the London Stock Exchange Group last month said: ‘With COP26 approaching, a Green+ Gilt would send an important signal both domestically and internationally. It would demonstrate to other governments and… UK-based corporates, that the UK is providing a model to follow in issuing sustainable bonds.’

But former Bank of England governor Mark Carney, who now serves as the UK’s finance adviser to COP26, warned in January against a sudden overexpansion of the green bond market by printing money to buy such products.

Mr Carney said calls for asset purchases to address policy goals, such as ‘green QE [quantitative easing] to support the transition to a net zero carbon world’ should be ‘resisted’. ‘While carefully circumscribed independence is highly effective in delivering price and financial stability, it cannot deliver lasting prosperity and it cannot address broader societal challenges.’ 

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  1. I HAVE COMMENT TO MAKE ON THIS PERSONS POST!!

    NOT ALL CIVIL SERVICE STAFF ARE ON GOLD PLATED PENSIONS AND NO WE DO NOT GET PAID CHRISTMAS PARTIES WE PAY FOR OUR OWN AND WE ALSO HAVE TO USE OUR OWN TIME TO HAVE THIS ALONG WITH ANY TEAM CHRISTMAS LUNCHES THAT MAY HAPPEN!!

    THE STAFF AT THE BOTTOM OF THE CHAIN GET NO REWARDS ARE ON A DERISORY SALARY WITH NO PERKS OR BONUSES NOT EVEN FOR GOOD PERFORMANCES OR MEETING TARGETS WE STILL GET THE SAME AMOUNT OF MONEY EVERY MONTH..IT ANNOYS ME RIGID WHEN PEOPLE ASSUME THAT PEOPLE WHO ARE A CIVIL SERVANT ARE ON THE SAME PERKS AS THE HIGHER UPPERS AND THIS SO NOT THE CASE AT ALL..

    STAFF ARE IN THE SAME BOAT AS ANYONE ELSE TRYING TO MEET THEIR BILLS EACH MONTH, MAKING SURE THAT THEIR MORTGAGES ARE PAID ETC..

    WHAT ANNOYS US JUST AS MUCH AS ANYONE ELSE IS THE MERE FACT THAT WE PAY OUR TAX TOO AND THESE BANKS THAT GOT INTO TROUBLE THROUGH SHEER STUPIDITY ARE GIVEN BAIL OUTS AND THEN TOLD THEY STILL THEIR BONUSES FOR THEIR HARD WORK NAMELY NORTHERN ROCK FOR EXAMPLE £50K OF TAX PAYER MONEY TO PAY BONUSES FOR GOING BANKRUPT NEAR ENOUGH..THEY SHOULD NOT BE ALLOWED ANY KIND OF BONUS UNTIL THE MONEY THEY HAVE TAKEN FROM TAX PAYERS IS REPAID AND THEY HAVE ENOUGH PROFITS IN THEIR COMPANY TO PAY THEIR OWN BONUSES AND THATS THE SAME FOR THE REST OF THEM!!!!

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