Nov 2, 2021 7:59 PM EDT

UK sets net-zero plan for its financial sector

GLASGOW, Scotland — The British government plans to make the U.K. “the world’s first net-zero aligned financial center” as companies and investors seek to profit from the drive to build a low-carbon economy.

U.K. Treasury chief Rishi Sunak will lay out the government’s plans during a speech Wednesday as top financial officials from around the world meet at the U.N. climate conference in Glasgow, Scotland.

As part of the initiative, U.K. financial institutions and publicly traded companies will be required to publish plans detailing how they will reduce their contribution to global warming as Britain seeks to cut net carbon emissions to zero by 2050. A panel composed of industry and academic leaders, regulator and community organizations will develop standards for the plans to ensure companies make progress toward meaningful goals.

According to a statement, Sunak will say the U.K. is home to one of the world’s leading financial centers, and so “has a responsibility to lead the way” in financing efforts to fight global warming.

The comments come after Britain and other wealthy countries failed to meet their commitment to provide $100 billion a year to finance climate-related projects in the developing world by 2020.

Sunak will urge wealthy nations to boost their support for climate projects in the developing world, saying that the $100 billion target will be met by 2020, according to the advance statement.