As all eyes are turned to the upcoming opening of the Budget red briefcase tomorrow by Chancellor Rishi Sunak, green bonds are reportedly among the much anticipated new measures.
According to media reports, savers will be able to fund projects that can help the country build a greener economy.
Funds raised will be earmarked for projects such as renewable energy and clean transportation that will assist the UK in meeting its target to cut greenhouse gas emissions to net zero by 2050, The Independent reports.
The move is considered to be the world’s first green savings bond through National Savings & Investments (NS&I).
The government reportedly says the NS&I green savings bond will go on sale later this year.
Chancellor Rishi Sunak said: “The UK is a global leader on tackling climate change, with a clear target to reach net zero by 2050 and a Ten Point Plan to create green jobs as we transition to a greener future.
“In a world-first, we are launching a new green savings bond which will give people across the UK the opportunity to contribute to the collective effort to tackle climate change.”
ELN has contacted the Treasury for a response.