Bank of England downgrades Net Zero and cuts climate spending
By Paul Homewood
London, 13 March – Net Zero Watch has welcomed the decision by the Bank of England to demote its Net Zero agenda and cut its spending on climate change.
According to reports, the bank’s climate programmes will be downgraded so that officials can return to work on its main remit, namely the nation’s financial stability.
The bank has been widely blamed for allowing inflation to rocket to more than five times the bank’s 2% target.
Its obsession with climate change, promoted and pushed through by its former governor, Mark Carney, in tandem with government ministers, has for years distracted it from its main responsibilities. Instead, it has been enforcing ESG disclosure guidelines, carbon-testing balance sheets and promoting Net Zero policies.
During his time as Governor, Net Zero Watch criticised Mr Carney repeatedly, warning that his climate activism and his intimidation of financial institutions and pension funds into costly Net Zero targets would eventually lead to policy failure and a distressed correction. This correction appears to have now begun.
Last year, Net Zero Watch criticised the Bank’s so-called ‘climate stress test’, which used discredited projections of a global temperature change of 3.3°C by 2050, far exceeding even the IPCC’s much-criticised SSP5-8.5 scenario.
Dr Benny Peiser, Net Zero Watch’s director, called on the Bank of England and the Financial Conduct Authority to accept that the risk of costly climate and Net Zero policies have become a bigger threat to the UK’s economy and financial stability than climate change.
"Unless the Bank of England abandons its fixation with green virtue-signalling, it is only storing up more problems for the economy and the UK’s financial system."
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NOT A LOT OF PEOPLE KNOW THAT 
What amazes me most is the time it takes for the Government and the Bank of England to see what is staring them in the face. The individuals who have promoted this lunacy have a vested interest – money for themselves.
When this gigantic ship of fools begins to turn it will be impossible to stop.
When this gigantic ship of fools begins to turn it will be impossible to stop.
It will stop only when the ship runs out of fuel.
Are you kidding? I don’t think the government has noticed yet. CEN still pushing climate drivel, Skidmark still looking at his revolving door, and I haven’t heard anything yet about rowing back on their NetZero legal requirements. Drastic action is required, but unless there is a major revolt by the electorate, I don’t see anything happening to upset the apple cart before the General Election.
Mark Carney has a lot to answer for. How a Canadian eco-zeolot ever came to be appointed Governor of the Bank of England is a disgrace.
Well, it’ s whichever ‘expert’ advisor(s) gain their ear.
Even now have they got the true measure of the cost of NetZero ? – for every $1 billion spent to reduce emissions the temperature will fall by one four millionth of a degree C
Even now have they got the true measure of the cost of NetZero?
I don’t believe they have. They will though, but it’s a self extinguishing flame.
The push for NZ will destroy the very economy that supports this kind
of reckless spending in the first place.
Of course it doesn’t help us in The UK in regard of our wrecked economy but
perhaps we can serve as a warning for The ROW.
Sorry for the re-post but I’m trying to work out what various comment sections don’t like about my text editor. Again I apologise …
Even now have they got the true measure of the cost of NetZero?
I don’t believe they have. They will though, but it’s a self extinguishing flame.
The push for NZ will destroy the very economy that supports this kind of reckless spending in the first place.
Of course it doesn’t help us in The UK in regard of our wrecked economy but perhaps we can serve as a warning for The ROW.
I’m trying to work out what various comment sections don’t like about my text editor
Ah, UTF-8 seems to work … ✅
What sanity is this!?
What sanity is this!?
See “oldbrew” downstream. Having come to appreciate the colossal mess they have created they are quickly abandoning ship. Nothing to do with “sanity”.
When you get caught in the mess you created you head off to some “country mansion” and do the “speech circuit” for a little “top up” now and again.
About time some ‘common sense’ prevailed.
About time some ‘common sense’ prevailed.
I would argue that there is no ‘common sense’ point.
One could argue that “The Left” is easy to spot. They are of
the opinion that there is X wealth around and if somebody has
that wealth then, obviously, they stole it from somebody else.
They really don’t see “expansion” as an option.
Going, going…
UK Climate tsar quits
He was supposed to have gone last year. Recruitment for his replacement started last July. Then it halted in October, having been extended by 2 months. No explanation was ever offered.
UK Climate tsar quits
Why does Rat and sinking ship spring to mind?
The post pays the average UK annual wage for just 36 days ‘work’ a year, no wonder he’s so out of touch with the impact of his policies.
‘Independent’ , that really is the biggest joke.
In the good old days, bank regulators would “Stress test” institutions regarding loans/deposit ratios, capital/loans ration, Non-performing lons/reserves for bad debts ratios, et al. This is what is called ESG in the States, and includes nonsense about DEI as well. All this id straight-uo Marxism, designed to destroy the economies of the West. Wake up–there is no man-made glbal warming, again, Marxism and China, India and most of Asia is laughing at us.
It is a start, but ALL spending on “climate change” needs to be cut