Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 July 2025 to Question 64049 on Alcoholic Drinks, what the evidential basis is that the exclusion of the direct manufacture of alcohol beverages is in line with international conventions for green bond frameworks.

The twenty largest sovereign green bond issuers to date are: Germany, the UK, France, Italy, Hong Kong, the Netherlands, Belgium, Austria, Japan, Ireland, Spain, Canada, India, Hungary, Chile, Singapore, Indonesia, Australia, Poland and Denmark. This is according to the International Capital Markets Association sustainable bond issuers database.

The following issuers explicitly exclude the financing of alcohol-related spending in their green bond frameworks: Germany, the UK, Italy, Austria, Ireland, Spain, Canada, India, Chile, Singapore, Australia, Poland and Denmark.

France’s green bond framework excludes “Production or trading of alcoholic beverages (excluding beer and wine)”. Indonesia does not refer explicitly to excluding alcohol but issues green Sukuk (Sharia-compliant bonds). The other countries’ frameworks do not include alcohol-related spending in their eligible or ineligible criteria.