In July 2019, the Government published its Green Finance strategy which recognised the pressing need for a greener, low carbon economy and the growing demand from consumers for financial products that support this goal.
The Government’s strategy aligns to the commitment made in our 2019 Manifesto to work with the FCA to promote sustainable finance. It also aligns with EIOPA’s recent opinion on sustainable finance where it calls for all participants in the financial and insurance services sectors to better manage environmental, social and governance (ESG) risks.
In October 2019, the FCA published a summary of responses to its Discussion Paper (18/8) on Climate Change and Green Finance, and early in 2020 it will publish draft rules for climate risk disclosure requirements for regulated firms and set out its expectations around green financial products and services to guard against the risk of ‘greenwashing’.
To launch a new green finance toolkit for members. This will provide guidance on sustainability and how to demonstrate awareness of environmental issues in business conduct. It will include information on: measuring carbon footprints and understanding how much is being offset; ethical investments; having a clear policy on recycling; buying energy from green suppliers; reducing paper usage and using paper from sustainable sources.
“Every business has a role to play in society that goes beyond our core trading objectives. There are many simple, small steps that brokers of all shapes and sizes can take to improve their green credentials and reduce their impact on the environment. We look forward to working with BIBA to help our industry to tackle the challenges in this vital initiative.”
Partner, Lockton Companies LLP
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