Chancellor Rishi Sunak’s statement demonstrates the government’s desire to make the UK a global leader in green finance.
To help the UK meet its 2050 net zero target and other environmental objectives, the government will issue its first Sovereign Green Bond in 2021. These bonds will help finance projects that will tackle climate change, finance infrastructure investment and create green jobs across the country.
The UK will become the first country in the world to make Task Force on Climate-related Financial Disclosures (TCFD) aligned disclosures fully mandatory across the economy by 2025.
The UK will also implement a green taxonomy which is a common framework for determining which activities can be defined as environmentally sustainable thus to improve understanding of the impact of firms’ activities and investments on the environment and support the transition to a sustainable economy.
What does this mean for asset managers? ESG is here to stay. Recent years have brought rising client and regulatory demands; now the government is putting their weight behind the industry, demonstrating that ESG Ratings & Responsible Investment is a cross country priority.
This establishes the UK as a leader in green finance and is encouraging to those who want to see sustainability and climate at the center of UK economics.
As CSE’s research department continues to provide valuable insights into various aspects of sustainability and ESG performance, it furthers its commitment to high caliber training in sustainability for C-Suite executives & Sustainability Managers worldwide.
This challenging three-day digital training offered in February 18, 19, 22 by Center for Sustainability and Excellence (CSE) aims to provide to sustainability professionals all the latest tools and resources required to implement or upscale existing sustainability initiatives.