In September 2017, the UK Government asked former Lord Mayor Sir Roger Gifford, now chair of the Green Finance Institute, to chair an independent taskforce to accelerate growth of green finance and the UK’s low carbon economy.
The Green Finance Taskforce report set out a series of recommendations on how the Government and the private sector could work together to make green finance an integral part of the UK’s financial services. These included:
- boosting investment into innovative clean technologies
- driving demand and supply for green lending products
- setting up Clean Growth Regeneration Zones
- improving climate risk management with advanced data
- building a green and resilient infrastructure pipeline
- issuing a sovereign green bond
The UK Government’s Green Finance Strategy was published on 2 July 2019. It supports the UK’s economic policy for strong, sustainable and balanced growth, the delivery of a modern industrial strategy and the UK’s domestic and international commitments on climate change, the environment and sustainable development, and is the Government’s response to the recommendations of Green Finance Taskforce.