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Investors and others call for UK policymakers to support net-zero financial systems

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Canary wharf, London's financial district
Canary Wharf, London’s financial district. Photo by Tim Alex on Unsplash.
  1. An E3G-backed letter calls on the Prime Minister to aim for the financial sector to become net-zero, and to support net-zero financial reform at home and at the G7.
  2. The letter is backed by financial institutions responsible for £4 trillion GBP in assets and various organisations working on climate and finance.

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Leading financial institutions and organisations working on climate and finance have written to ask the Prime Minister to embrace net-zero financial systems and help deliver them domestically and internationally.

The letter notes advice from the Climate Change Committee (CCC) Advisory Group on Finance and calls for a UK taskforce on enabling a Net Zero Financial Sector. The letter also recommends that, given key roles as Presidency of G7 and COP26, the UK should spearhead this agenda internationally. The letter also includes the Chancellor, COP26 President-Designate, and Mark Carney in copy.

The letter is supported by CEOs of institutional investors and other financial institutions responsible for approximately £4 trillion GBP (over $5 trillion USD) in assets. Signatories include the CEO of the UK’s largest insurer, Aviva, as well as the CEO of the UK’s largest asset manager, Legal & General.

Ahead of the June summit, G7 Finance Ministers and Central Bank Governors discussed “their role in driving forward the transition of their economies and financial systems to net zero”.

Attaining net-zero financial systems is a prerequisite for achieving net-zero in the real economy, in terms of scaling finance for net-zero investments and moving to net-zero in financed emissions.

Quote

Nick Mabey, Chief Executive of E3G said:

“We won’t be able to achieve net-zero without net-zero finance. Investors understand the importance of setting a clear direction of travel. Now is the moment for the Prime Minister to commit to a net zero financial system and lead the world to climate safety.”

Kate Levick, Associate Director for Sustainable Finance, E3G, said:

“Government policy has an indispensable role to play in delivering a net-zero finance system. Institutional investors are calling for the UK to follow the signal sent by the launch of the Glasgow Finance Alliance for Net Zero, to take practical steps to make this vision a reality.”

Available for comment

The individuals below are available for commentary – please contact them directly:

Nick Mabey, CEO, E3G: nick.mabey@e3g.org

Kate Levick, Associate Director for Sustainable Finance, E3G: kate.levick@e3g.org

Iskander Erzini Vernoit, Policy Advisor, Finance and COP26, E3G: iskander.erzini.vernoit@e3g.org

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