Bank of England to cut staff air travel amid green push
The Bank of England is considering permanently cutting staff air travel as part of efforts to ramp up its climate change targets and “practise what we preach”.
Sarah Breeden, the Bank’s executive director for financial stability and risk and lead on climate change issues, said the Bank was having an “active debate” over how to step up its green push.
This could include a reduction in trips overseas for policymakers and a shift to virtual meetings even after pandemic restrictions lift.
“We’ve learned in the pandemic that you can get a lot more done virtually than we ever thought possible,” she told the PA news agency.
“Going back to 2019 levels of travel shouldn’t be necessary, but the answer is not zero either. Our target is to reach net-zero by 2050 at the latest, but we’re seeing if we can do more.”
It comes after the Bank of England revealed it had hit its climate target nine years early thanks to a shutdown in international travel during the pandemic.
Its second annual climate-related financial disclosures report showed that on one measure, the Bank’s carbon emissions plunged by 74 per cent, smashing through its initial target to reduce its footprint by 63 per cent by 2030, before reaching net zero by 2050.
Breeden said the Bank was keen to lead by example as it puts climate issues at the heart of its policy, having been handed a new “green” mandate in this year’s Budget.
The Bank’s executive sponsor for climate change, who will also become a member of its Financial Policy Committee (FPC) later this summer, said the Bank’s recent move to make its £20bn corporate bond portfolio more green was part of a drive to “practice what we preach”.
The Bank has said it will set targets for the overall emissions of its holdings and invest in green corporate bonds where possible.
It has also recently unveiled its first ever climate change stress tests, which will scrutinise the resilience of Britain’s biggest banks and insurers against global warming risks over the next 30 years.