UK Government Seeks Inputs to Update to Green Finance Strategy
The UK government issued a call for evidence, which expires on June 22, 2022, to support the development of an update to the Green Finance Strategy.
The updated Green Finance Strategy will take stock of progress so far and set out how the UK can better ensure that the financial services industry is supporting the its energy security, climate, and environmental objectives. This consultation seeks views and evidence from stakeholders to support the government in developing an update to the Green Finance Strategy and this update is planned for publication in late 2022. The call for evidence sets out the major steps that have been taken to deliver on the key objectives set in the 2019 Green Finance Strategy and contains 39 questions on the following four key objectives:
- Capturing the opportunity of green finance
- Mobilizing finance for the UK’s energy security, climate, and environmental objectives
- Greening the financial system
- Leading internationally
The Green Finance Strategy, which was published in 2019, had set out a comprehensive approach to greening financial systems, mobilizing finance for clean and resilient growth, and capturing the resulting opportunities for the UK. The three objectives of the Green Finance Strategy were as follows:
- Greening finance by supporting the financial services sector to align with the UK’s net zero commitment, the need to adapt to climate change, and the UK’s commitment to nature’s recovery
- Financing green by mobilizing private investment at scale to support clean and resilient growth
- Supporting financial services to capture the opportunity presented by the transition to a net zero and nature-positive economy, cementing UK leadership in green finance, and ensuring that businesses can benefit
Related Links
Comment Due Date: June 22, 2022
Keywords: Europe, UK, Banking, Insurance, Securities, ESG, Climate Change Risk, Green Finance Strategy, Sustainable Finance, Net Zero Economy, UK Government
Featured Experts
Michael Denton, PhD, PE
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous Article
MAS Amends Notice 635 and Issues Second Proposal on Green TaxonomyRelated Articles
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)
