UK Finance responds to launch of government's Green Finance Strategy

Responding to City Minister John Glen's announcement on the UK government's Green Finance Strategy, Chief Executive of UK Finance Stephen Jones said:

"The government's green finance strategy outlines a core role for financial services in helping tackle climate change. This includes funding for the Green Finance Institute, the piloting of products such as green mortgages, the launch of the green finance education charter and explicit reference to climate change within the statutory objectives of the financial regulatory authorities.

"As an industry we stand ready to play our part in tackling climate change and achieving net zero carbon emissions by 2050.

"We also support the intention that publicly listed companies and large asset companies disclose by 2022 the impact of climate change on their activities. This builds naturally on the recommendations of the Financial Stability Board-sponsored Taskforce on Climate-related Financial Disclosures (TCFD) that many of the largest companies, within financial services and beyond, are now embedding in their governance, strategy and risk management."

Notes to editor

1. The Green Finance Strategy announced today (Tuesday 2 July) includes the following key areas for the finance industry:
<ul><li>
Funding for the Green Finance Institute;</li>
<li>
Piloting of products such as green mortgages;</li>
<li>
The launch of the green finance education charter;</li>
<li>
Explicit reference to climate change within the statutory objectives of the Prudential regulatory Authority, the Financial Conduct Authority and the Financial Policy Committee;</li>
<li>
The intention for the UK to provide leadership within international forums and through the alignment of its overseas aid spending with the Paris Agreement</li>
</ul> 2. The Governor of the Bank of England Mark Carney?s speech two weeks ago (20 June 2019) included remarks on the finance sector and efforts to tackle climate change, and can be found <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…;
 3. Shadow Chancellor John McDonnell last week gave a speech at the offices of UK Finance in London. A full copy of his speech can be found <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…;
 4. The latest UK Finance blog on green finance can be found <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…;
 5. UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.