Policy paper

UK Government Green Financing

The Green Gilt and NS&I’s Green Savings Bonds help finance the transition to a green economy, tackling environmental challenges and creating green jobs across the UK.


Allocation and Impact Report 2023: Data

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Table of Allocations, 2022

Second Party Opinion

Carbon Trust report

Investor Presentation, 2021


The UK’s Green Financing Programme raises financing from investors to fund green expenditures that tackle climate change, rebuild natural ecosystems and support jobs in green sectors. Financing is raised through the issuance of green gilts via the Debt Management Office (DMO) and the sale of National Savings and Investments’ (NS&I) retail Green Savings Bonds.

The principles of the Programme are set out in the Green Financing Framework, published in June 2021. The Framework explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance green expenditures to help tackle climate change, biodiversity loss and other environmental challenges, while creating green jobs across the UK. It also includes guidelines on the types of expenditures that can be included in the Programme, which are set out in six categories:

  • Clean Transportation
  • Renewable Energy
  • Energy Efficiency
  • Pollution Prevention and Control
  • Living and Natural Resources
  • Climate Change Adaptation

The Framework commits the government to annual allocation reporting and biennial reporting on environmental impacts and social co-benefits, ensuring transparency for retail and institutional investors as well as other interested parties.

In September 2022, the government published the UK Green Financing Programme’s first Allocation Report. It corresponds to the financial year 2021-22, during which the government raised £16.4 billion from the sale of green gilts and NS&I’s Green Savings Bonds. It sets out the allocation of these proceeds to eligible green expenditures in accordance with the Framework.

On 28 September 2023, the government published the Programme’s first combined Allocation and Impact Report. The report details how £8.6 billion of the financing raised in 2022-23 has been allocated towards 51 projects across the six green expenditure categories of the Framework. It also details the environmental impacts of the £16.4 billion of green expenditures which were first described in the 2022 Allocation Report. This information is also included in an accompanying spreadsheet containing all the data.

This is the first time the government has reported environmental impact data on the range of Programme expenditures in one publication. The report details expenditures delivered by DESNZ, DfT, DEFRA and FCDO, demonstrating the real-world positive environmental and social impacts of the Programme.

The impact data demonstrate how these green expenditures are supporting the pathway to meet the UK’s 2050 net zero target, protecting property and infrastructure from the effects of climate change, rebuilding natural ecosystems, stimulating the development of self-sustaining markets for low-carbon technologies, and supporting jobs in low-carbon and energy efficient sectors across the UK.

As of 28 September 2023, the Programme has raised more than £31 billion from the sale of green gilts and over £1 billion from NS&I’s Green Savings Bonds, since its launch in 2021.

Related Pages:

Published 30 June 2021
Last updated 28 September 2023 + show all updates
  1. UK Green Financing Programme Allocation and Impact Report 2023 published.

  2. Allocation Report, financial year 2021 to 2022 published

  3. investor presentation updated

  4. investor presentation added

  5. First published.