Pound is trading positively, Britain’s government plans to launch the world’s first sovereign green bonds for retail investors as part of its push to create a net-zero-carbon economy by 2050.The savings bonds are about to fund that will fund projects in areas such as renewable energy and clean transportation and will go on sale this year, the Treasury said.
Finance Minister Rishi Sunak has also committed to the launch of so-called green gilts, aimed at institutional investors, as part of his borrowing plans for the 2020/21 financial year, which will be announced in his budget statement on Wednesday. The Treasury said late on Saturday that Sunak would also use his budget statement to announce three programmes that will receive funds from the government’s 1 billion pound ($1.4 billion) Net Zero Innovation Portfolio.
Rishi Sunak said that “But it’s important ..to also have strong public finances over time.” “Interest rates have been at very low a level, which does allow us to afford slightly higher debt levels.”
“But that can always change and we’re seeing that in the last few weeks.” “We have to be acute to that possibility.”
Sunak is due to deliver his budget to parliament on Wednesday, in yet another effort to help sail the UK economy through a gradual lifting of lockdown measures that will last at least until late June.
On the other hand, The US crude oil production averaged 11.063 million barrels per day in December 2020, marking a drop of 58,000 barrels per day from the preceding month, according to the Energy Information Administration’s latest monthly report.
The decline seems more significant year-on-year. The average production in December 2019 was over 12.8 million barrels per day. Output averaged just 9.7 million barrels per day in the week ended Feb. 19, according to EIA estimates. The dramatic weekly drop was likely due to the Texas Freeze, which curtailed refinery and crude oil production.
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