UK Finance is a longstanding proponent of climate responsibility being brought into the mainstream of the management and supervision of banking and finance.

This is evidenced by our early support for the recommendations of the G20 Financial Stability Board Taskforce on Climate-related Financial Disclosures (TCFD) and steps being taken in the UK and internationally to create a statutory and regulatory framework in support of climate responsibility.

More broadly, we have advocated in favour of banking and finance firms defining their strategic purpose by reference to broader stakeholder perspectives, whether customers, employees or societal and environmental, taking environmental, social and governance (ESG) factors into account in their business decision-making. 

We currently stand behind: 

  • The industry-led and UN-convened Net Zero Banking Alliance (NZBA) co-launched on 21 April by the UNEP Finance Initiative and the Financial Services Taskforce of the Sustainable Markets Initiative within the Glasgow Financial Alliance for Net Zero (GFANZ). 
  • All banking and finance firms embedding climate responsibility into their governance and strategy in support of whole economy transition to Net Zero by 2050 premised upon just and orderly principles.
  • Clear definitions on ESG reporting extending to nature-based and social aspects of ESG being determined within a globally aligned framework. We support in principle the remit being given to the International Sustainability Standards Board (ISSB).

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