As we look forward towards COP26 in Glasgow next year, the Chancellor Rishi Sunak, outlined key steps that the UK financial sectors will take in order to extend the UK’s global leadership in green finance and financial technology.
The Chancellor announced that the UK will issue its first Sovereign Green Bond in 2021 subject to market conditions. This announcement comes after growing demand from the investment community for more investment tools that will help the UK reach net-zero by 2050.
Additionally, the UK will become the first country in the world to make Task Force on Climate-related Financial Disclosures (TCFD) aligned disclosures fully mandatory across the economy by 2025. From 1 January, the Financial Conduct Authority, will be introducing the rule that will require premium listed companies to make better disclosures on the affects of climate change on their business.
The UK will also introduce a taxonomy that will use the EU’s taxonomy metrics as a basis and will come alongside the establishment of a Green Technical Advisory Group that will review these metrics to ensure they are right for the UK.
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