NEW regulations to force financiers and investors to put billions of pounds into green energy and divest from fossil fuels were demanded today by cross-party MPs.

They called on the Bank of England to “regulate private finance” and “unleash green investment” to achieve Britain’s climate goals.

They want all new investments in fossil fuels to be halted by the end of the year.

Sixty MPs and 25 peers have signed the demand which was presented at the Bank of England today.

Their letter to BoE governor Andrew Bailey cites International Energy Agency guidance that investment in new oil, gas and coal supply must stop this year to reach a target of net zero emissions by 2050.

Signatories include former Labour leader Jeremy Corbyn, Liberal Democrat leader Ed Davey, SNP economy spokeswoman Kirsty Blackman, former Conservative minister Peter Bottomley, pensions expert and Conservative peer Ros Altmann, and Theresa May’s former environment adviser and Conservative peer John Randall.

Green MP Caroline Lucas, who also signed the letter, said: “UK banks are continuing to drive the climate emergency, with our five biggest lenders pouring £227 billion into fossil fuels between 2016 and 2020.

“After years of delay, it’s time for all of our public institutions to play their part in getting the City of London in order.”

Rachel Oliver, head of campaigns and organising at research and campaign group Positive Money, said: “To see so many politicians from across the political spectrum united on this issue shows the huge public appetite for fast and ambitious action to decarbonise our financial system.”