Building on earlier interventions in support of sustainability, green finance and climate action, UK Finance this year formed a senior Sustainability Committee representative of the breadth of our membership, from large, UK and overseas headquartered banks through to smaller, domestic institutions including specialist finance providers. 

We put together a work programme combining thought leadership, support for initiatives being led by others and measures bringing greater emphasis to environmental and social factors, including in support of COP 26 and the attainment of net-zero goals. 

Over the course of the year we have provided assistance to the Coalition of Energy Efficient Buildings formed by the Green Finance Institute (GFI), engaged with the financial regulatory authorities and have supported the Climate Financial Risk Forum (CFRF). Internationally we have participated in a European Banking Federation/UNEP FI initiative on the practical application of the EU taxonomy.

In July, we were pleased to support the Grantham Research Institute in the launch of its report ?Financing climate action with a positive social impact: How banking can support a just transition in the UK?. The report was the result of an 18-month project in which UK Finance joined Grantham and Leeds University in a dialogue with multiple stakeholders across the UK. 

This white paper sets out a principles-based framework for the measurement and reporting of multi-year commitments to sustainable finance. It recognises that legislators, regulators and business leaders have signalled their intention that greater definition be given to environmental, social and governance (ESG) reporting.