The UK government has today published its Green Finance Strategy, recognising the role of the financial sector in delivering global and domestic climate and environmental objectives.
According to the report, pension trustees are increasingly seeking to understand the financial risks opportunities arising from climate change, with government supporting this through “pensions regulations and initiatives to strengthen resilience to climate change and natural disasters”.
The strategy has two objectives and three strategic pillars – the objectives involve aligning private sector financial flows with clean, environmentally sustainable and resilient growth, supported by government action, and to strengthen the competitiveness of the UK financial sector.
The Green Finance Strategy will ensure current and future financial risks and opportunities from climate and environmental factors are integrated into mainstream financial decision making, and that markets for green financial products are robust in nature.
The strategy aims to accelerate finance to support the delivery of the UK’s carbon targets and clean growth, resilience and environmental ambitions, as well as international objectives.
Furthermore, it will work to ensure UK financial services capture the domestic and international commercial opportunities arising from the ‘greening of finance, such as climate-related data and analytics, and from ‘financing green’, such as new green financial products and services.
Commenting, Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, and Chancellor of the Exchequer, Philip Hammond, said: “There is no doubt about the scale of the environmental challenges that we face.
“To tackle that challenge effectively and sustainably requires us to harness the delivery capacity of the market economy – and in particular to mobilise the enormous resources of our capital markets through green finance. This strategy represents our commitment to taking the steps that will ensure that the UK’s green finance sector is turbo-charged to play a crucial role in protecting the future of our planet for generations to come.”
The UK is the largest centre for asset management in Europe, with an asset management sector managing £9.1trn of assets in 2017.
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