I’m delighted to see the launch of the Green Finance
Strategy and we look forward to working closely with the
Green Finance Institute to further its aims, particularly
on climate resilience. The joint working group with
regulators on climate-related financial disclosure will
drive businesses to do more by ensuring investors take
better account of climate risks.
The World Economic Forum’s Global Risks Report ranks
extreme weather events number 1. This presents a massive
investment opportunity in technology, infrastructure, and
expertise to protect people and businesses. The
International Trade Secretary recently announced UK
Export Finance and the Environment Agency will work
together to help UK suppliers with expertise in
adaptation deliver infrastructure projects and services
around the world. We want to build international
partnerships and position the UK supply chain at the
forefront of this market.
A few years ago, the Environment Agency Pension Fund set
up the Transition Pathway Initiative with the Church of
England National Investing Bodies. The TPI, run out of
the Grantham Institute at the London School of Economics,
assesses how companies are preparing for the transition
to a low-carbon economy. It is now supported by asset
owners and managers with over $14 trillion combined
Assets Under Management and Advice.
Last year, the Intergovernmental Panel on Climate Change
said there are just 12 years to bring global temperature
rise within 1.5°C of pre-industrial levels. So, our
Pension Fund has recently been asking major companies
what they are doing to prepare for physical climate
impacts. Convincing people to participate in a pension
fund scheme means asking for their trust over the long
term. We need confidence that companies we invest in are
sufficiently protecting assets and supply chains, so our
40,000 beneficiaries retire into a world worth living in.
