(1) The Electronic Money Regulations 2011 are amended as follows.

(2) In regulation 47 (functions of the authority) -

(a) in paragraph (2), after sub-paragraph (c), insert -

"(ca) the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with -

(i) section 1 (target for 2050) of the Climate Change Act 2008 [2008 c. 27. Section 1 was amended by S.I. 2019/1056.], and

(ii) section 5 (environmental targets: effect) of the Environment Act 2021 [2021 c. 30.],

where the Authority considers the exercise of its functions to be relevant to the making of such a contribution;";

(b) after paragraph (2), insert -

"(3) The Treasury may at any time by notice in writing to the Authority make recommendations to the Authority about aspects of the economic policy of His Majesty's Government to which the Authority should have regard when considering the application of the principles in paragraph (2).