Oil report

BoE was right to leave climate issues aside in COVID response-Bailey

LONDON, Nov 9 (Reuters) - The Bank of England was right to ignore climate change risks in its emergency response to the initial impact of COVID-19 on the economy, and instead seek to tackle them through longer-term regulatory changes, Governor Andrew Bailey said on Monday.

Environmental groups have criticised the BoE for including bonds issued by energy companies and other businesses with significant greenhouse gas emissions in asset purchase programmes designed to support the economy.

“These short-term interventions did not discriminate on the basis of climate change. I believe that was the right response,” Bailey told an environment conference in London.

“In the face of such an emergency in all conscience it was not right to say to people that they would be denied a livelihood because their employment was of the wrong sort for the climate,” he added.

Reporting by David Milliken Editing by William Schomberg