Energy Secretary Ed Miliband has set out his plans to cement the UK’s status as the global capital of sustainable finance, aiming to “unlock billions in clean energy investment” and turbocharge the country’s transition to net zero.
Speaking at the Climate and Innovation Forum during London Climate Action Week, Miliband said the British financial system must be the engine powering clean growth.
“This government is determined to make the UK the sustainable finance capital of the world as we seize the huge economic opportunities provided by clean energy,” he said.
At the heart of the plan is a major push for companies and financial institutions to draw up clear climate transition plans.
Seventy percent of FTSE 100 firms have already started mapping out how they’ll decarbonise and Miliband wants to see that momentum spread across the entire financial services sector.
The UK is already pulling in investment.
Since last July, more than £40 billion of private capital has flowed into clean energy industries and according to CBI Economics, net zero sectors are growing three times faster than the rest of the economy.
Now, the government wants to go further.
It has launched three major consultations to shape future rules on corporate transition planning, new Sustainability Reporting Standards – and a voluntary registration regime for companies that verify sustainability data.
All are designed to give investors greater confidence and stimulate more funding for green sectors.
The consultations are open until 17 September.
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