"In the World" features notable developments reported in the international section of ELR Update during the month of June 2021. On June 3, the Bank of England (BoE)'s Governor, Andrew Bailey, stated the bank would seek to cut greenhouse gas emissions associated with running its physical offices and printing banknotes to net zero by 2050 "at the latest." The decision was in line with a larger push by the United Kingdom (U.K.) to improve its climate action agenda ahead of the United Nations Climate Change Conference (COP26), to be hosted by the U.K. in Glasgow later this year (Reuters). Last March, British Finance Minister Rishi Sunak amended BoE's mandate to require that the institution support and complement the government's national emissions reduction goals. BoE has since moved forward on this. Beyond Governor Bailey's June 3 announcement, BoE also required British banks and insurers to take a "stress test" to gauge their exposure to climate-related financial risks (Reuters). BoE also unveiled plans to "green" its corporate bond purchase scheme (Yahoo, Bloomberg).
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