UK Govt publishes 2023 Green Finance Strategy

Written by Adam Cadle

30/03/2023

The UK Government has published its Mobilising Green Investment: 2023 Green Finance Strategy, aiming to strengthen the country’s position at the forefront of the rapidly growing global green finance market, while driving private investment to deliver its energy security, net-zero and environmental objectives.

The strategy sets out the framework for the UK to become the world’s first Net-Zero Aligned Financial Centre, outlining how it is to ensure market participants have the information and tools they need to align to its climate and nature goals.

ABI director general Hannah Gurga said: “The insurance and long-term savings sector welcomes the Government’s renewed commitment to transforming the UK economy to reach net-zero and protect our natural environment. It is right to emphasise speeding up delivery of large-scale energy projects alongside targeted support for technology innovations where the UK can become a world leader. As a sector that offers both investment capacity and risk management expertise, we urge the Government to work closely with our sector to support these projects to be a success. It is important that the Government continues to send strong signals to markets about the growth opportunities it sees in net-zero technology to enable sustained investment.

"The package of measures the Chancellor has announced in the updated Green Finance Strategy provide a platform through which our sector can deliver on the ambitions set in the ABI’s world leading Climate Change Roadmap. In particular, it is important that the Government remains committed to mandatory publication of Transition Plans and sets out how nature can be incorporated into these plans. The ABI will work with the Government to ensure the range of proposals in this strategy can be implemented effectively and allow consumers to have more options to access green finance innovations.”

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