Speaking at today’s Green Horizon Perspectives event, John Glen MP, Economic Secretary to the Treasury, outlined the important role of a UK Green Taxonomy in achieving net zero, and announced the Green Finance Institute has been asked to co-chair and coordinate the Green Technical Advisory Group.
The Green Technical Advisory Group will be a group of experts tasked with providing independent, non-binding advice to Government on how to effectively implement a taxonomy in the UK, including sector specific technical expertise where needed. As a first step, the Green Finance Institute will provide independent advice, in consultation with industry, on the group’s membership and its work plan.
In his speech, the Economic Secretary said:
“We’ve set out our plans to build a UK financial services industry that is open, innovative, and leads the world in green finance. As part of that, the government announced exciting plans to implement a green taxonomy. We believe this is an incredibly important step towards shifting capital at speed and on a large scale into the green projects that will allow us to create green jobs and ultimately achieve our goal of net-zero by 2050.
“I’m acutely aware that implementing a green taxonomy is an ambitious project. We need to make sure this work is based on robust science, that it meets the needs of investors and works for the UK market. That’s why we are forming a Green Technical Advisory Group – to advise the Government on how to effectively implement a taxonomy in the UK and turn our plans into a reality.”
Speaking after the event, Dr Rhian-Mari Thomas OBE, CEO of the Green Finance Institute, said: “We are delighted to be co-chairing the GTAG to provide independent, market-led advice to the UK Government on implementing a Green Taxonomy. A robust, science-based taxonomy has the potential to transform UK green policy making as well as investing, lending and underwriting by establishing a common, clear and granular definition of the economic activities that will characterise the UK’s future green economy.”
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