Britain last week became the first G7 country to sign into law a requirement to reach net zero emissions by 2050 and the green finance strategy, published on Tuesday, sets out plans to increase investment in sustainable projects and infrastructure.

The government paper builds on disclosure on climate risks set out by the G20 Task Force on Climate-related Financial Disclosures.

The government report said the financial sector needed be at the heart of changes required to meet the net zero emissions goal.

“The re-allocation of tens of trillions of dollars of capital toward green investment offers the potential to reshape cities, energy systems and land use around the world. The nature of this investment … will determine the future of our climate,” the report said.

“This includes setting expectations for publicly listed companies and large asset owners to disclose by 2022 how climate change risk impacts their activities.”

It said it would work with regulators to decide whether mandatory disclosures, rather than the current voluntary system, was needed.

The climate risks include potential “stranded assets” of fossil fuel companies which may not be able to burn all their oil, gas or coal resources if carbon emissions are limited. Insurance companies have also warned of the risk of claims relating to increased extreme weather damage from floods or hurricanes.

Read More: @Reuters