The government announced its Green Finance Strategy earlier this month, further sealing the UK’s position as global climate leader.
The government launched the strategy on 2 July 2019 which aims to support the UK’s economic policy for strong, sustainable and balanced growth. It has also been implemented for the delivery of our modern Industrial Strategy and our domestic and international commitments regarding climate change, sustainable development and the environment. With its tagline ‘Transforming Finance for a Greener Future’, the strategy sets out plans to increase investment in sustainable projects.
According to GOV.UK, the strategy has three core elements:
- Greening Finance: ensuring current and future financial risks and opportunities from climate and environmental factors are integrated into mainstream financial decision making, and that markets for green financial products are robust in nature.
- Financing Green: accelerating finance to support the delivery of the UK’s carbon targets and clean growth, resilience and environmental ambitions, as well as international objectives.
- Capturing the Opportunity: ensuring UK financial services capture the domestic and international commercial opportunities arising from ‘greening finance’, such as climate related data, and from ‘financing green’, such as new green financial products and services.
The government has also committed to spend at least £5.8 billion on International Climate Finance, building on the £3.87 billion that the UK spent on climate activities between 2011 and 2015.
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