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- Yesterday at Mansion House, the Chancellor highlighted the Financial Sector’s role in net zero, and the growth opportunity it offers the UK. Sustainable finance will play a vital role in the Government’s growth and industrial strategy, as highlighted in the Financial Services Growth & Competitiveness Strategy consultation, which was also launched yesterday. Echoing sentiments made by Lord Livermore at COP29 in Baku, Reeves reaffirmed the Government’s vision of building a Global Green Finance Capital here in the UK.
- Key priorities the Chancellor outlined include: the IFRS assuming responsibility for Transition Plan Taskforce work, the value of transition plans to UK financial growth, ISSB adoption and the launch of the Transition Finance Council with the City of London, as vital to driving global standards.
- Ambition setting on green finance is key for UK competitiveness and leadership. UK success in capturing this economic opportunity depends on turning manifesto ambition into action – on commitments like 1.5C transition planning and the Green Finance Capital. Delivery of this package of consultations will help ensure the UK remains the best place in the world to do business in the high growth net zero space.
Quotes
On the announcement of the Chancellor’s green finance package, Heather McKay, E3G Senior Policy Advisor said:
“Green finance is the UK’s growth engine. By putting net zero at the heart of the Bank of England’s remit, confirming consultations on the green taxonomy and net zero transition plans, the Chancellor has restored UK leadership on sustainable finance.”
On 1.5C-aligned transition plans Joe Dillon, E3G Researcher said:
“Without a private sector transition, the government cannot meet its climate commitments. We welcome the renewed commitment on mandatory transition plan disclosure as a critical step towards delivery of Labour’s manifesto commitment to ‘1.5C-aligned transition plans’. Credible, practical transition plans will be instrumental in enabling the private sector to capture the green growth opportunity. It is essential that the government heeds industry calls to proceed at pace on this agenda, starting with the publication of a roadmap to delivery of this manifesto commitment.”
On UK Green Taxonomy, Heather McKay, E3G Senior Policy Advisor said:
“It’s exciting to see progress on the UK Green Taxonomy with the launch of the value and use cases consultation – much delayed by the previous government. High quality guidance on what is green, and what isn’t, developed alongside the launch of the Transition Finance Council, is essential to ensure businesses, investors and consumers have full confidence in the future of their green investments and the Government’s commitment to delivering on the net zero opportunity.”
ENDS
Ed Matthew – E3G Campaigns DirectorEnergy and climate across UK politics and policy
+44 7827 157 906, [email protected]
Joe Dillon – E3G Researcher, Finance and ResilienceUK transition finance, transition plans, financial regulation
+44 7718 309 066, [email protected]
Notes to Editors
- E3G is an independent climate change think tank with a global outlook. We work on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate. Our goal is to translate climate politics, economics and policies into action.About – E3G
- For further enquiries email [email protected] or phone +44 (0)7783 787 863