IIGCC comment on publication of the UK’s Green Finance strategy
The UK Government has today published its Green Finance strategy (see here). This has been welcomed by the Institutional Investors Group on Climate Change.
Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change (IIGCC), explains: “The financial sector has a crucial role to play in addressing climate change. The Green Finance Strategy will support the City in capitalising on the opportunity to green the global economy. This brings with it financial innovation and wealth creation, just as it is essential in safeguarding the future of our planet.”
“Climate change poses one of the greatest systemic economic threats we face today. Ensuring publicly listed companies and large asset owners disclose how climate change risk affects them is an important step forward in understanding and addressing the challenge.
“The Bank of England see $20 trillion of assets on the line globally without greater action being taken. Consistent and transparent reporting is key to ensuring the information is in place to act on exposure to a changing climate and avoid being caught on the wrong side of the transition to a cleaner economy.”
About IIGCC: The Institutional Investors Group on Climate Change (IIGCC) is the European forum for investor collaboration on climate change and the voice of investors taking action for a prosperous, low-carbon future. IIGCC has 170 members, mainly pension funds and asset managers, across 11 countries, with over €23 trillion assets under management. IIGCC’s mission is to mobilise capital for the low-carbon transition by collaborating with business, policymakers and fellow investors.
IIGCC works to support and help define the public policies, investment practices and corporate behaviours that address the long-term risks and opportunities associated with climate change. Members consider it a fiduciary duty to ensure stranded asset risk or other losses from climate change are minimised and that opportunities presented by the transition to a low carbon economy – such as renewable energy, new technologies and energy efficiency – are maximised.