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ACCELERATING GREEN FINANCE MARCH 2018 A report to Government by the Green Finance TaskforceACCELERATING GREEN FINANCE MARCH 2018 A report to Government by the Green Finance Taskforce MARCH 2018Accelerating Green Finance 2Contents 11. Preface 4 11. Foreword 5 11. cutive summary 6 The Report’s Recommendations 8 1. Introduction 10The opportunity for UK green finance 11Challenges to expanding green finance 15Opportunities for the Government and financial services to work together 18 2. Key Recommendations 20Theme 1. Relaunch UK green finance activities through a new unified brand 21Theme 2. Improve climate risk management with advanced data and analytics 26Theme 3. Implement the recommendations of the T ask Force on Climate-related Financial Disclosures 35Theme 4. Drive demand and supply for green lending products 40Theme 5. Boost investment into innovative clean technologies 48Theme 6. Clarify investor roles and responsibilities 53Theme 7. Issue a sovereign green bond 59Theme 8. Build a green and resilient infrastructure pipeline 63Theme 9. Foster inclusive prosperity by supporting local actors 69Theme 10. Integrate resilience into the green finance agenda 74 3. More ambitious res for the Future 801. Provide further incentives for sterling issuers of green securities 822. Go beyond T ask Force on Climate-related Financial Disclosures with Sustainability-related Disclosures 83 3. Increase allocations into illiquid asset classes to facilitate long term investments 844. Addressing barriers to sustainable investment 85 5. Consider how the prudential regime for banks and insurers might better reflect the different financial risks associated with ‘green’ and ‘brown’ assets 85 4. Next Steps 86Annex 1 89Members of the Green Finance T askforce 89Observers 89Secretariat 89Acknowledgements 90Disclaimer 92Green Finance T askforce terms of reference 92 Annex 2 94Research proposals 94 A report to Government by the Green Finance Taskforce 3Preface How we manage the world’s natural environment is one of the most pressing issues of our time, associated with climate stress, pollution and a prodigious need for clean energy. Until recently, however, this has tended to be seen in terms of cost rather than investment and return, of risk management rather than forward-looking risk mitigation. In particular, the global challenge of raising the trillions needed to meet the two degrees or less scenario agreed in Paris 2015, are as great as the consequences appear grave if we don’t. The sheer scale of capital required dictates that this cannot be driven through either public or private sectors working alone – we need an international alignment of interests, incentives and policies. That is why we set up the London Green Finance Initiative in 2016, to bring these groups together and see where the UK’s great financial acumen could make its contribution. All finance concerns intermediation between savers and borrowers – and pricing and managing risk accordingly. This should ensure that capital is allocated efficiently and productivity is duly maximised. When it comes to green finance, it is clear that this process is at an early stage of development and shows huge potential for growth. However, the risks implied in climate science modelling are not yet being transposed fully into financial models. Climate-related risk is understood to exist by all financial actors but it is not yet priced into long term financial thinking. Short time horizons in investment decision- making, ination asymmetries, misaligned incentives, financial mis-education and perhaps most crucially, a lack of available data, co-conspire to under-allocate capital. It is this value chain that must be untangled. This is key if we are to unlock the private capital needed because by doing so, we can make green finance much more widely available, throughout society. We can make a green investment the same as any other – where there is a need for capital from issuers there will be an opportunity for investors. It is this that the UK Green Finance T askforce has been addressing and which I have been honoured to chair. Looking across every aspect of financial services, from data and disclosure in our TCFD work, through to the national capital raising plan, to incentives for green real estate, to the case for a UK sovereign green bond, we have suggested a set of proposals that, when implemented, will represent a comprehensive and holistic package of measures that can meet our capital needs to move to an economy based on low carbon energy. Parts of this report focus on specific sectors such as energy efficiency for buildings, where there is great potential for decarbonisation and green investment. We recognise that there are far more opportunities for financial markets to support a low carbon and resilient transition for those sectors which are the backbone of the economy, such as transport, retail, utilities and industrial processes. We would welcome further thoughts from Government on specific challenges and opportunities. The T askforce has two further aims at its core. The first is to further London as the leading world centre for green finance and to ensure our existing capabilities continue to evolve to grasp this commercial opportunity. The second is more important still, and it is to deliver against the Clean Growth Strategy to enable UK plc to benefit from the profound opportunity to green our economy. This publication is the beginning, not the end of this work. The Green Finance Initiative will, as well as continuing its detailed work programme, set up a new implementation committee, charged with tracking progress on T askforce recommendations, conducting further research where it is needed and continuing to champion this agenda amongst financiers and consumers alike. Thank you to the many contributors who have helped to make this report come about. I believe that the green finance agenda can reap huge economic benefits for the UK as well as helping to meet our own obligations to protect the environment. Sir Roger Gifford SEB UK Senior Banker Chair, Green Finance Initiative Chair, Green Finance T askforce appointed by HM Government Accelerating Green Finance 4The Rt Hon Claire Perry MP Minister of State for Energy and Clean Growth John Glen MP Economic Secretary to the T reasury Foreword The financial system is one of the jewels in the crown of the UK economy, and has a vital role to play in the transition to a low carbon economy. We are the first government ever to clearly state our commitment to leaving the natural environment in a better state than we found it. We are determined to achieve our global and domestic climate change commitments, including reducing emissions and avoidable waste. T o deliver our ambitions, we have to ensure that we have the right kind of finance to support the changes we need to make. The transition to a low carbon economy is a major opportunity for the UK. Over the last two decades, we have led the world in demonstrating that cutting our emissions does not mean sacrificing the standards of living for hard-working families. Since 1990, we have reduced our emissions by more than 40, while our economy has grown by two thirds – the best perance in the G7. As we set out in the Clean Growth Strategy, our world- leading financial system is key to that transition. It is home to unrivalled experience, expertise and innovation. We could not meet our carbon budgets, or indeed the targets of the Paris Agreement, without private sector investment in low carbon technology and infrastructure. Capital will need to be channelled towards sustainable projects, and environmental risk to be factored into financial decision-making. In short, a low carbon economy cannot be achieved by Government alone. The UK is home to the world’s most developed and international financial centre, and whilst the UK has played a key role in the development of the green finance sector, we recognise there is more to do domestically to achieve our ambitions of global leadership for this sector. This is why we established the Green Finance T askforce – composed of leading experts in academia, finance and civil society – to encourage capital to move towards greener and cleaner sectors in the UK, and to ensure we continue to lead the world in green finance. The challenges of the transition to a low carbon economy are great, but the opportunities are greater. We are grateful to the Green Finance T askforce members and Chairman, and the huge range of contributors from across the finance sector, for their work in producing this report. We look forward to working together with industry to create a greener world for the people and businesses of Britain, now and in the future. A report to Government by the Green Finance Taskforce 5Accelerating Green Finance 6cutive summary The global low carbon transition will redefine the UK economy. From the largest infrastructure projects to the fabric of our homes, that transition creates a huge opportunity for the UK to lead the world in cutting emissions while driving growth – building on our world-leading perance to date. The UK Government’s Industrial Strategy recognises Clean Growth as one of the ‘Grand Challenges’ for the UK economy. This creates an enormous opportunity to maximise the advantages for UK industry from the global shift to clean growth through to the development, manufacture and use of low carbon technologies, systems and services that cost less than high carbon alternatives. Meeting that ambition will require unprecedented levels of investment. Green finance – i.e. investment in environmental technology, infrastructure and services – is therefore central to the future of the UK and global economy. The UK’s status as host to a world-leading financial services centre means that the UK has direct access to the investment our economy needs, and the chance to seize the economic opportunities that it offers. In recognition of that opportunity, the Government established the Green Finance T askforce – an alliance of individuals and organisations tasked with providing recommendations for delivery of the public and private investment we need to meet our carbon budgets and related environmental and resilience goals, and maximise the UK’s share of the global green finance market. The Green Finance T askforce has met that objective by working with over 140 organisations to deliver a series of recommendations on how the Government and the private sector can work together to maximise the UK’s role in mobilising the green finance the UK and global economy will need. The T askforce will now work closely with the Government and other players to support consideration and implementation of these recommendations and secure the benefits of clean growth. A report to Government by the Green Finance Taskforce 7Theme 1. Relaunch UK green finance activities through a new unified brand 1. The Government and the City of London should establish a new Green Finance Institute brand under which strengthened Green Finance Initiative capacity is established. 2. This new Institute should set up a Green Fintech Hub. 3. The Government and the new Institute should deliver a joint diplomatic strategy on green finance. Theme 2. Improve climate risk management with advanced data and analytics 4. Private sector, academia and the Government should establish a Centre for Climate Analytics. Theme 3. Implement the recommendations of the Task Force on Climate-related Financial Disclosures TCFD 5. Companies and investors should use the TCFD framework to develop their financial, corporate governance and stewardship disclosures, and Government should conduct a review of disclosure in 2020 to monitor and encourage market adoption amongst both issuers and users. 6. Relevant financial regulators should integrate the TCFD recommendations throughout the existing UK corporate governance and reporting framework. 7. The Government and relevant financial regulators must clarify in their guidelines that disclosing material environmental risks, including physical and transition climate-related risks, is already mandatory under existing law and practice. Theme 4. Drive demand and supply for green lending products 8. The Government should extend 2035 EPC targets from residential properties to commercial properties by the end of 2018, and introduce a requirement for operational energy ratings from 2020. 9. The Government should introduce Green Building Passports for residential and commercial properties by 2020. 10. The Government should complete research to understand the opportunities and costs of using a range of fiscal measures to boost demand for energy efficient retrofits in 2018, and pilot fiscal measures alongside mortgage products from 2019. 11. The Government should provide short-term incentives to pump prime the green consumer loans and green mortgage markets. 12. UK lenders should work towards promoting awareness and mainstreaming a consideration of ‘green’ factors into all their mortgage lending decisions. Theme 5. Boost investment into innovative clean technologies 13. The Government should set up a Green Investment Accelerator for early stage technology grant funding. 14. The Government should establish a dedicated public-private green venture capital fund. 15. Increase commercial opportunities for UK businesses through public procurement opportunities The Report’ s Recommendations Accelerating Green Finance 8Theme 6. Clarify investor roles and responsibilities 16. Relevant regulators should ensure fiduciary duty clearly states the importance of ESG issues. 17. The Government should require that the Statement of Investment Principles include statements on the extent to which social, ethical and environmental issues including climate change are considered. 18. Government should clarify that trustees should engage with their beneficiaries to understand their beneficiaries preferences and can make investment decisions that are based on these preferences. 19. The Government should clarify that investment consultants should have sufficient expertise and competency on ESG issues. 20. Investment advisors should ask clients about their sustainability preferences, and investment funds marketed directly to individuals should clearly state the environmental and social impacts of the fund. 21. The Government and professional bodies should develop competencies across a wider group of societal stakeholders through education tools. 22. The Financial Conduct Authority should require that corresponding requirements are put in place for contract-based schemes Theme 7. Issue a Sovereign Green Bond 23. The Government to issue a Sovereign Green Bond. This should be of the order of the French sovereign green bond, which was €9.697 billion, and be considered as one of the measures of a comprehensive UK Green Capital Raising Plan. Theme 8. Build a green and resilient infrastructure
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