The UK Government has unveiled its highly anticipated Green Finance Strategy, outlining how the finance sector and better climate disclosure from corporates can drive progress towards wider action on climate change and the push towards net-zero emissions. The strategy is set to place UK financial services at the centre of efforts to tackle climate change and reduce emissions to net zero by 2050 – a target that was passed into UK law last month. The strategy features investment and funding increases into green projects, infrastructures and homes and is built on findings from the Task Force on Climate-related Financial Disclosures (TCFD), led by former New York Mayor Michael Bloomberg and Bank of England Governor Mark Carney. More than 780 organisations now support of the TCFD, including the world’s largest banks, asset managers and pension funds, responsible for assets of $118trn, highlighting the appetite for green finance. Energy and Clean Growth Minister, Chris Skidmore, said: “As the first major economy to legislate to reach net emissions by 2050, green finance can play a crucial role in our mission to protect the planet while growing the economy.
Edie 2nd July 2019 read more »
The financial services industry must play a “vital role” in combating climate change, the City minister will say today as the government unveils the details of its green finance strategy. John Glen will set out the government’s plan to bolster investment in sustainable infrastructure and projects as part of proposals that also will push listed companies and asset managers such as pension funds to reveal by 2022 the risks that climate change poses to their operations.
Times 2nd July 2019 read more »
Regulators and MPs have urged the City do do more to tackle the “core financial risk” of climate change before it drags on business, the economy and markets. In a speech to finance leaders on Tuesday, City minister John Glen is expected to announce government plans to boost the use of green financial products and remind financiers of the “vital role” they have to play in “securing a greener future for us all”. The action plan includes the official launch of a so-called Green Finance Institute, the creation of a fund to help pilot products such as green mortgages and the launch of an education scheme to ensure topics about climate change are included in financial qualifications.
Telegraph 2nd July 2019 read more »
Guardian 2nd July 2019 read more »
FT 2nd July 2019 read more »