At COP26 the Chancellor will propose rules to turn the City of London into the first “net zero-aligned” financial centre. He will also say UK financial chiefs have “responsibility to lead the way”. Mr Sunak is to set out his proposals in a speech at a dedicated Finance Day at the United Nations summit. It will be the largest gathering of finance ministers in history.

       The Chancellor wants related institutions and listed companies to detail how they will decarbonise. A new gold standard will stop over-hyping – or greenwashing.

       It will be set by a new Transition Plan Taskforce from industry, academia, regulators and civil society groups.

       Mr Sunak is expected to hail the progress made to “rewire the entire global financial system for net zero”.

       He will also reveal that investments worth more than ￡100trillion – around 40 percent of the world’s financial assets – is being aligned with climate goals.

       More than 450 finance firms in 45 countries have adopted the commitments.

       Mr Sunak will also highlight that a $100billion target to help the most vulnerable countries will be met by 2023.

       UK and Scandinavian pensions funds combined yesterday to commit ￡100billion to only support sustainable activities. The move was welcomed by David Hayman of campaigners Make My Money Matter. He called it “a critical first step”.