- Department for Business, Energy & Industrial Strategy
- Part of:
- Low carbon technologies and Access to financial services
- 18 September 2017
Private investment in environmental and sustainable projects and infrastructure.
UK support for low carbon innovation
Government is supporting private investment into sustainable projects and infrastructure. The City of London’s Green Finance Initiative was established in 2016 at the request of Government to promote the UK as a global centre for green finance. Government has supported the LENDERS project through Innovate UK which aims to improve estimations of energy costs for homeowners when calculating mortgage affordability.
Green Finance Taskforce
To build on the UK’s global leadership in the sector, BEIS and HMT will be co-hosting a Green Finance Taskforce that will bring together senior leaders from the financial sector. This Taskforce will work with industry to accelerate the growth of green finance, and help us deliver the investment required to meet the UK’s carbon reduction targets. The Terms of Reference will be published following the first meeting in late September.
Members of the Green Taskforce
- Sir Roger Gifford (Chair), Representing the Green Finance Initiative
- Nikhil Rathi, CEO, London Stock Exchange
- Michael Sheren, Senior Adviser, Bank of England
- Robert Trezona, Head, Cleantech, IP Group
- Rhian-Mari Thomas, Managing Director, Barclays
- Daniel Klier, Group Head of Strategy and Global Head of Sustainable Finance, HSBC
- Edward Northam, Head of Investment Banking, Green Investment Bank
- Charlotte Morgan, Partner, Global Energy and Infrastructure Group, Linklaters
- Mark Zinkula, CEO, with Meryam Omi, Head of Sustainability and Responsible Investment Strategy, Legal and General Investment Management
- Steve Waygood, Chief Responsible Investment Officer, Aviva Investors
- Emma Howard Boyd, Chair, Environment Agency
- Bruce Davis, Co-Founder, Abundance
- Fiona Reynolds, Managing Director, Principles for Responsible Investment
- Nick Molho, Executive Director, Aldersgate Group
- Dr Ben Caldecott, Founding Director, Oxford Sustainable Finance Programme, University of Oxford Smith School of Enterprise and the Environment
- Dr Paul Fisher, Senior Associate, University of Cambridge Institute for Sustainability Leadership
Green Finance and Clean Growth
Government endorses the Task Force on Climate-related Financial Disclosures’ recommendations and encourages all listed companies to implement them. These recommendations aim to integrate the risks and opportunities posed by climate change into mainstream financial disclosures.
Government is working with the British Standards Institute to develop a set of green standards to provide clarity to financial institutions over the credentials of green financial products.
Government will also be working with mortgage lenders to support the development of green mortgage products that take account of the lower lending risk associated with more efficient properties and the reduced outgoings for customers living in more energy efficient homes.
Investing in Clean Technologies
Government will be providing up to £20 million of new investment to support clean technology early stage funding. Further details will be available in due course.
Government will also be developing an online platform to showcase UK businesses which have received innovation support, with the aim of making this information more easily accessible.
Published: 18 September 2017