Request a callback
  • Our experts process over 93,000 invoices per month and we've recovered over £11m in over-charges for our clients in the last year
  • We provide support to over 500 businesses for energy and carbon management
  • Our solutions team have identified savings of £37.5m per annum for our clients, a total of 495,338,992 kWh savings identified
  • Last year we saved our CCA clients alone £25.5m

Positioning the UK at the forefront of green finance

Further Government action announced by Rishi Sunak to embed environmental sustainability within UK businesses

13th November 2020

Announcements over the last week from Chancellor Rishi Sunak have marked a further step change in hardwiring environmental sustainability as a business imperative. Recognising that financial services are a critical enabler in the drive for net zero, the Chancellor has outlined new proposals to support sustainable financial flows and extend the UK’s global leadership in green finance ahead of hosting COP26 in November 2021.

To help the UK meet its 2050 net zero target and other environmental objectives, the government also signalled its intention to issue its first Sovereign Green Bond in 2021. The stated intention is that these bonds will help finance further projects to tackle climate change, finance further related infrastructure investment and create green jobs across the country.

New Environmental Disclosure Standards

The Chancellor also announced the introduction of more robust environmental disclosure standards so that investors and businesses can better understand the material financial impacts of their exposure to climate change by pricing climate-related risks more accurately and supporting the greening of the UK economy.

The UK will become the first country in the world to make it mandatory for companies to align their disclosures to the ‘Task Force on Climate-related Financial Disclosures’ (TCFD) framework, going beyond the current ‘comply or explain’ approach.

The joint Government Regulator TCFD Taskforce has now published its interim report with a 2021 to 2025 roadmap for implementing mandatory disclosures, many of which will come into force between 2021 and 2023. The upcoming rules and regulations will capture a significant portion of the economy including listed commercial companies, UK-registered large private companies, banks, building societies, insurance companies, UK-authorised asset managers, life insurers, FCA-regulated pension schemes and occupational pension schemes.

A Green Taxonomy

The UK will also implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support the transition to a sustainable economy.

So, all in all the days of businesses viewing a sustainability plan as a “nice to have” have been well a truly despatched. Embedding change for the better is now a commercial imperative. Keep an eye out for our upcoming White Paper “Change for the Better” which intends to provide some research based guidance on the steps to embed sustainability within an organisation. The report will be available to download next week.

For more information on how we can help you with your sustainability plans, please contact us.