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RISHI Sunak is launching war-style green bonds to raise cash to pay for boilers to be torn out of homes and replaced with green technology.
The Chancellor hopes to rake in billions for the Treasury’s coffers by creating new green gilts and green savings bonds later this year.
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And in a world first, the public will be able to invest in the new eco savings devices.
Ministers will use the money raised to subsidise green technologies – like new heat pumps and hydrogen boilers – within two years.
As part of the going green strategy, ministers need to work out how to retrofit millions of homes across Britain – including taking out dirty boilers and making them clean and more efficient.
But this will all come with a huge price tag, and the Treasury are figuring out how to fund it.
Mr Sunak will today tell City bigwigs he wants the UK to lead the world in creating a new, green financial services sector.
Delivering his annual Mansion House speech, a tiggerish Mr Sunak will say he is “optimistic about the future” as the economy bounces back from Covid.
He will say: “As the baton passes to a new generation of leaders in finance, I feel optimistic about the future.
“Ambitious at home. Confident internationally.
“With a plan to make this country the world’s most advanced and exciting financial services hub for decades to come, creating prosperity at home and projecting our values abroad.”
Both schemes will launch this autumn – ahead of Britain world leaders at the Cop26 eco summit this November.
The Treasury hopes to raise a whopping £15billion with the creation of Green gilts.
While they hope to pump out billions in the green savings bonds.
The bonds will run for a three-year term, and savers can put in anything from £100 to £100,000.
But it is not yet known how much money investors will get back on their cash – leading to critics warning it may not raise much cash unless the rates are competitive.
Sarah Coles, personal finance analyst, Hargreaves Lansdown warned: “While it’s a useful addition to the growing world of green savings, there are already accounts with similar aims on offer.
“What really matters here is the rate, and NS&I is remaining tight-lipped on that front.
“The fact this account will be on offer from a national treasure like NS&I will appeal, as will the fact the money is 100 per cent guaranteed.
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“However, this isn’t enough to drive a blockbuster savings product: the rate needs to be competitive to draw significant savings.”
But No11 will guarantee that all the money raised through the schemes will be pumped into projects to tackle climate change and create green jobs.
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