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
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
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.
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