Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Big pictureAround the world

UK looks towards a greener future


5 July 2019 at 4:57 pm
Luke Michael
The UK government has launched a comprehensive Green Finance Strategy to help the nation reach net zero greenhouse gas emissions by 2050.


Luke Michael | 5 July 2019 at 4:57 pm


0 Comments


 Print
UK looks towards a greener future
5 July 2019 at 4:57 pm

The UK government has launched a comprehensive Green Finance Strategy to help the nation reach net zero greenhouse gas emissions by 2050.

City Minister John Glen unveiled the strategy at the Green Finance Summit on Tuesday, and said the financial services sector would have a bigger role to play than any other industry in tackling climate change.

The Green Finance Strategy aims to increase investment in sustainable projects and infrastructure, while also strengthening the competitiveness of the financial sector.

Glen said the plan represented a new and exciting step in the UK’s long history of international leadership on climate change.

“Our strategy seeks to bring about a complete change in the way the City [of London] thinks and acts. We must ensure the financial risk and opportunities from climate change are integrated into mainstream decision-making,” Glen said.

“Because let’s be clear: the climate challenge poses an existential risk to the future of the planet and, by extension, our economy too.  

“If our financial system is to remain resilient – and relevant – then the city must adapt.”

The UK’s 2050 net zero emissions target makes it the first major economy in the world to set such a pledge into law.

To help achieve this, the strategy said the green financial products market must be robust in nature.

The strategy promotes accelerating finance that supports the delivery of the UK’s carbon targets, clean growth, and environmental ambitions.

It also said the government must ensure UK financial services utilise the commercial opportunities from green finance, such as climate related data and analytics, and from the growth in green financial products and services.

An example of this is the Transition Pathway Initiative, which assesses companies’ preparedness for the transition to a low-carbon economy.

It uses a free online tool that helps asset owners track investments and companies on how they are managing their greenhouse gas emissions.    

The strategy also sets expectations for publicly-listed companies and large asset owners to disclose how climate change risk impacts their activities by 2022.

Glen said the government was already leading by example on this.

“Publicly-funded financial bodies must include climate-related disclosures in their accounts as soon as possible,” he said.

“Hundreds of companies are also disclosing details of how they are mitigating climate risk on a voluntary basis.

“[But] I want to go further, which is why I’m calling on all public-listed companies and large asset owners to do the same.”

Emma Howard Boyd, chair of the UK Environment Agency, said she welcomed the strategy and the opportunities it presented.

“The World Economic Forum’s Global Risks Report ranks extreme weather events number one. This presents a massive investment opportunity in technology, infrastructure, and expertise to protect people and businesses,” Howard Boyd said.

“We want to build international partnerships and position the UK supply chain at the forefront of this market.”  


Luke Michael  |  Journalist  |  @luke_michael96

Luke Michael is a journalist at Pro Bono News covering the social sector.

PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

Advertisement

CFRE

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

COVID-19 causes widening inequality for children worldwide

Luke Michael

Monday, 14th September 2020 at 6:44 pm

£10 billion funding gap causes chaos in UK charity sector

Luke Michael

Monday, 24th August 2020 at 6:17 pm

NZ High Court backs Greenpeace in fight for charity status

Luke Michael

Wednesday, 12th August 2020 at 5:47 pm

Employee-owned businesses urged to become better corporate citizens

Luke Michael

Monday, 10th August 2020 at 5:26 pm

pba inverse logo
Subscribe Twitter Facebook
×