Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether sovereign-linked biodiversity and carbon certificates are an investable environmental asset class within the Green Financing Framework.

The UK Green Financing Framework, published in June 2021 and updated in November 2025, governs the UK Green Financing Programme. The Programme raises funds through the issuance of green gilts and NS&I’s retail Green Savings Bonds to finance public expenditure that can demonstrate a direct and positive climate or environmental impact.

The Framework defines the categories of expenditure that are eligible for green financing. Eligible expenditures are drawn from departments’ confirmed settlements through the Spending Review process and are assessed on the basis of their contribution to the government’s climate and wider environmental objectives.

The Framework governs the raising of financing for green public spending where biodiversity and credit certificates are not in scope.