Britain’s Sunak pledges to ‘rewire’ global finance system for net zero

COP26 in Glasgow

GLASGOW (Reuters) – British finance minister Rishi Sunak pledged on Wednesday to “rewire” the global financial system for net zero, saying London will also commit 100 million pounds ($136.19 million) to make climate finance more accessible to developing countries.

Outlining Britain’s strategy over the next five years to the United Nations COP26 climate summit, he said in addition to the 100 million pounds, London would also support a new capital markets mechanism to issue billions of new green bonds.

“Six years ago Paris set the ambition, today in Glasgow we are provided the investment we need to deliver that ambition,” he told an audience in Glasgow.

($1 = 0.7343 pounds)

(Reporting by William James, writing by Elizabeth Piper)