ESG Investment Advisory Group asks UK government for clear green finance standards

The Green Technical Advisory Group, an expert group on sustainable investment, has called on the UK government to set clear green finance standards to help attract investment domestically and compete internationally.

The fragmentation of the international regulatory framework makes it more complex and costly for investors, concludes GTAG, an independent group chaired by the UK government’s Green Finance Institute in June 2021, in an analysis released Thursday.

The GTAG wants the UK government to align its definitions of sustainable finance and investment classification with other international standards to encourage cross-border investment and give investors clarity on what counts as sustainable investment.

“This approach will help drive international capital to zero in the UK and elsewhere,” the group added.

The group also said the government should work with international sustainable finance groups, including the G20 Working Group on Sustainable Finance, the Green Financial System Network, the International Standards Council for Sustainable Development and the International Sustainable Finance Platform, on common evidence-based definitions.

“Building on its significant track record of world-leading green finance policy, the UK is well positioned to address global market fragmentation while ensuring its leadership in green finance through a science-based and user-friendly taxonomy. “. This was announced in a press release on Thursday by Ingrid Holmes, chairman of GTAG and executive director of the Green Finance Institute.

Ms Holmes added that the UK must act now given the global financial sector, which has some of the deepest pools of international capital.

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