The Chancellor Rishi Sunak has announced at COP26 that the global financial system will be ‘rewired’ to meet climate commitments. UK firms will be forced to publish strategies on how they will transition to net-zero by 2050 or face financial penalties.

IEA Chief Operating Officer, Andy Mayer, was quoted in City AM, saying the plans would risk sealing off big corporates from competition by over regulating the sector.

Andy said: “The simple truth of green finance is that if it’s good business investors will invest. It requires no government intervention whatsoever, let alone the unhealthy collusion of major corporations with state actors.”

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