Bank of England Making Progress on its Environmental Targets

The Bank of England has issued its climate related financial disclosure document for 2022, which builds on the significant progress made in 2021.

The Bank has set itself the target of reducing its Green House Gas emissions by 63% between its base year of 2016 and 2030. This target is set so that the Bank plays its part holding temperature increases to 1.5%. The Bank reduced its carbon footprint by 53% in 2021 and a further 9% reduction in carbon emissions in 2022. It is on track to meet its target.

The Bank has now set a further target which is to reduce its emissions to Net Zero by 2050 at the latest. This target is consistent with the Climate Change Act 2008. The Bank will publish its Net Zero transition plan in 2023.