Sarah Breeden, the Bank’s lead on climate change issues and its newly appointed executive director for financial stability and risk, said the Bank is having an “active debate” over plans to make goals on reducing its own carbon footprint more ambitious.
Part of this could see the Bank cut back on policymaker trips overseas in favour of virtual meetings even once pandemic restrictions have been lifted and travel becomes more open again.
The proposal comes after the Bank recently beat its climate target nine years early, as policymakers were unable to jet around the globe due to 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.
Speaking to the PA news agency, Breeden said: “We’ve learned in the pandemic that you can get a lot more done...