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Only last week at the Annual Meeting of the IMF and World Bank, Jim Yong Kim, President of the World Bank said, when it comes to climate change, “we have far less time than we thought – and far less urgency than we need”. We have a strategic objective to ensure financial markets function well.
This isn’t a matter of asking the industry to be altruistic, but about how long-term risk is priced.
It’s also a major opportunity for UK asset managers to win international business based on the highest standards.
We are inviting views from all interested stakeholders on the key issues you feel we need to work on as part of this forum.
We want to ensure that firms not only respond to the challenges climate change poses, but also make the most of the opportunities it presents.
Beyond the growth spurt we’re seeing in green products, we also have to consider the impact of climate change on investments, and on all intermediaries in the investment chain. Investors being able to invest with confidence in green finance.
A clear understanding, or taxonomy, of what green means. A way of measuring the effectiveness of the ‘green’ aspect of the product, as well as the financial return. And, more broadly, an awareness amongst practitioners of how their business decisions may obstruct the path towards low carbon investment.
Since its inception, FCA Innovate has supported firms seeking to provide innovative financial products and services in green finance and ethical investing.
And we see plenty of opportunities to further support innovative models in this space.
Major global events impacting on the value of investments, affecting pensions, savings and other direct investment products. Our job is to make markets for financial services work well.
The impact of meeting the Paris Agreement on individual households. Part of that is ensuring that financial services are adequately prepared to cope with the changes on the horizon. Following the Law Commission’s recommendations, we have announced our intention to consult on rule changes requiring Independent Governance Committees (IGCs) to report on firms' policies towards evaluating environmental, social and governance (ESG) considerations, including climate change.