In November 2020, the UK will host COP26 in Glasgow. This presents a unique opportunity for the UK – and the UK banking sector – to demonstrate bold leadership and play a central role in catalysing international action on climate change.
The All Party Parliamentary Group (APPG) on Fair Business Banking, Volans and Re:Pattern are together launching an ambitious programme of work to develop a set of policy recommendations ahead of COP26 designed to create a regulatory environment that enables banks to play their part in financing the net-zero transition.
These recommendations will be based on input from a wide range of stakeholders across the business, financial, regulatory and political communities. The lessons learned from this approach will be valuable for audiences within the UK and beyond. Findings will be presented at a special high-level event at COP26 and in Parliament during the autumn.
With the pledged participation of UK banks, UNEP FI will bring this piece of work into the UNEP FI umbrella. As part of the wider work of UNEP FI, this project will be the first of its kind to look at the ground level, regulatory and legislative challenges financial institutions face in implementing the Principles. The event at COP26 will be a unique opportunity for the UK to show leadership in forging a path that tackles the difficult issues that society will face in transitioning to net zero, and the outputs from this can be used as a model for countries around the world
The project will gather insights from all key stakeholders – businesses, banks, regulators and policy-makers – through a mix of interviews, practical multi-stakeholder workshops, broader market studies and surveys.
The project aims to build a collaborative space where businesses and banks can openly discuss the challenges they face, and identify the key regulatory and legislative requirements to facilitate the transition to a net-zero future. By enabling a close collaboration between business, banks, regulators and policy-makers, a more holistic and comprehensive set of evidence-based policies can be developed.
A set of policy recommendations will then be set out in a white paper, which will be released ahead of COP26, with events in both Westminster and Glasgow to disseminate the recommendations and catalyse action on implementation.
- To engage with a broad range of businesses in relation to their net-zero challenges; to understand opportunities and associated banking and finance requirements.
- To establish and explore all of the direct and indirect barriers or obstacles banks face in providing these banking requirements, in particular those which could be addressed by regulatory changes.
- To develop evidence-based targeted policy recommendations on legislation and regulation to facilitate the banking sector’s support of businesses with a focus on net zero (thereby reinforcing the goal of Paris alignment set out in the UNEP FI’s Principles for Responsible Banking).
The Bankers for NetZero – Launch Webinar
The APPG along with our delivery partners, Volans and Re:Pattern launched our Bankers for NetZero Imitative via live webinar on Monday 27th April 2020. The launch webinar brought together banking leaders, MPs, regulators and businesses committed to playing a proactive role in enabling a rapid transition to net zero emissions across the entire UK economy.
The webinar was a great success and had a very positive response from attendees. We had an “all-star” panel for the webinar, including live and video speeches from:
- John Glen MP, Economic Sectary to the Treasury
- Kevin Hollinrake MP, Co-Chair of the APPG on Fair Business Banking
- Chris Faint, Head of Peer Supervision and Climate Risk at the Bank of England
- Sandrine Dixson-Decléve, Co-President, Club of Rome
- Eric Usher, Head of the United Nations Environment Programme Finance Initiative (UNEP FI)
- Nigel Topping, UK COP26 Climate Champion
- Dr Rhian-Mari Thomas, CEO of the Green Finance Institute
- Elsa Palanza, Global Head of Sustainability at Barclays
- Wolfgang Kuhn, Director of Financial Sector Strategies at ShareAction
- Bevis Watts, CEO of Triodos Bank UK
Follow the link here to watch the full webinar.