Anticipation of a ?green budget? has become an annual tradition, but Rishi Sunak's second Budget as chancellor was always going to have post-pandemic recovery as the main with some ?greens? on the side. When it landed, alongside the Build Back Better plan, there were some big green announcements - on the green sovereign bond, greening the Bank of England's mandate, and the National Infrastructure Bank - but there were also some notable omissions. Here's a read out of what was in, and what was out.

The key announcement was new detail on the UK's first green sovereign bond, or gilt, to be issued in the summer. This will be followed up with at least a second gilt later in the year, with total issuance for the year of at least £15 billion. We learnt that it will be linked to a green retail product which will enable UK savers to bolster our collective effort to tackle climate change. Proponents of the Just Transition, including UK Finance, will be cheered by the commitment that the government has committed to reporting on green gilt spending's contribution to social objectives such as job creation.

The chancellor also announced that he had updated the remit of the Bank of England (BoE)'s Monetary Policy Committee to reflect the importance of environmental sustainability and the transition to net zero. Some campaigners have noted that the most immediate impact may be to shift the BoE's quantitative easing asset purchases away from carbon-intensive companies.

Other green announcements included detail on the new National Infrastructure Bank, which will have net zero as the first of its two objectives, as advocated by UK Finance and many others last year. In addition, there was the creation of a ?carbon markets working group? led by Dame Clara Furse to advise on how the UK could become the global leader in voluntary carbon offsets.

With all that included, what was left out? There had been speculation of a rise in fuel duty to help both reduce emissions and raise revenues, but the chancellor decided to keep it flat. He also maintained the Carbon Price Support at £18 a tonne, despite expectations this may rise. And on retrofits, while the chancellor did not scrap the Green Homes Grant as some feared, he did claw back the 94 per cent of this year's unspent funds rather than roll them into next year.

Most conspicuously absent was an announcement on carbon pricing, which had been trailed extensively in recent months. Instead there was a commitment to set out additional plans on expanding the UK Emissions Trading System later in the year. It's likely this will be set out as part of a broader package, alongside the Net Zero Cost Review and possibly also the ?comprehensive? Net Zero Strategy, successor to the 2017 Clean Growth Strategy, which the government has committed to publishing ahead of COP26.

Holding these back for the time being makes sense given the climate goals of this summer's G7 in Cornwall, and especially November's COP26 in Glasgow. It gives officials more time to work up the detail; ensures these announcements can stand alone on the front pages; and will hopefully have a greater impact on the G7 or COP26 by being announced nearer to their start. Given the big bang hoped for in Glasgow this is an especially good time for keeping green powder dry.

UK Finance has put together the COP26 and Beyond webinar series in collaboration with EY, starting on 17 March. Full details of each of the four webinars and how to register here. The first webinar on 17 March focuses on climate related board responsibilities and reporting considerations.