The UK follows the agreed international approach for estimating and reporting greenhouse gas emissions under the UN Framework Convention on Climate Change (UNFCCC), which is for countries to report emissions produced within their territories. All UK domestic and international GHG emissions reductions targets, including our Net Zero commitment, are based on these territorial emissions.<\/p>
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The UK was the first major economy to commit to Net Zero by 2050, and to achieve that ambition, we want to ensure that every financial decision takes climate change into account. This will require a drastic increase in the quantity, quality and comparability of climate-related disclosures.<\/p>
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That is why, in November 2020, the Chancellor announced the UK\u2019s intention to make disclosures in line with the recommendations of the Task Force for Climate-related Financial Disclosures mandatory in the UK across the economy, including the financial services sector, by 2025. This commitment is world-leading and significant progress towards achieving our ambition, including new requirements for premium-listed firms to disclose their Greenhouse Gas emissions, has already been made.<\/p>
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We have also committed to implementing a green taxonomy that will establish a common definition for\u202f\u2019sustainable economic activities\u2019 and improve understanding around the impact of firms\u2019 activities and investments on the environment.<\/p>
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Together, these measures will ensure that firms across the whole economy are disclosing robust and comparable climate and sustainability-related information that is decision-useful for investors. This will help close the sustainability data gap, as well as preventing greenwashing and supporting the greening of the UK economy.<\/p>
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The UK, like many countries globally, is actively exploring the potential role of central bank digital currencies. The Bank of England published a discussion paper in March 2020, which considered the possibility of a retail central bank digital currency that could be used by households and businesses to make payments.<\/p>
At Fintech Week 2021, the Chancellor announced a new Taskforce led by HM Treasury and the Bank of England to lead the UK\u2019s exploration of a central bank digital currency, with separate forums to engage civil society and technology experts throughout. The Taskforce aims to ensure a strategic approach is adopted between the UK authorities as they explore a central bank digital currency, in line with their statutory objectives, and to promote close coordination between them. The Government and the Bank of England have not yet made a decision on whether to introduce a central bank digital currency in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2021-05-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2021-05-28T09:50:54.997Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2021-05-25", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Central Bank Digital Currencies"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether his Department has taken steps toward introducing a central bank digital currency.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1447", "label" : {"_value" : "Biography information for Andrew Rosindell"} } , "tablingMemberConstituency" : {"_value" : "Romford"} , "tablingMemberPrinted" : [{"_value" : "Andrew Rosindell"} ], "uin" : "7115"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }