Spring Budget 23: Government to issue further £10bn of green gilts

Green Financing Framework

The government announced plans to issue a further £10bn of green gilts in 2023-24 in today's Spring Budget (15 March).

The UK's first green gilt was issued in September 2021 as part of the government's green financing programme, with a maturity of July 2033. The launch marked the largest inaugural green issuance by any sovereign, with the biggest ever order book for a sovereign green transaction.  A second green gilt followed in October 2021, with a maturity of July 2053. The proceeds from both gilts will be used in conjunction with the government's Green Financing Framework. As of today, the two green gilts have grown to £18.5bn and £12.9bn respectively. Subject to demand and market conditions, th...