UK Finance launches COP26 and Beyond report

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K Finance, the banking and finance industry trade association, has released COP26 and Beyond, a new report which looks at the current state of sustainable banking in the UK, the key trends and challenges, and prospects for continued progress.

The report, published during the first week of COP26, opens with UK Finance’s COP26 Policy Statement, which sets the trade body’s support of:

The industry-led and UN-convened Net-Zero Banking Alliance (NZBA) and the Glasgow Financial Alliance for Net Zero (GFANZ).

All banking and finance firms embedding climate responsibility into their governance and strategy in support of a just and orderly transition to a net-zero economy.

The setting of clear, globally-used definitions for environmental, social and governance (ESG) reporting. We support in principle the remit being given to the International Sustainability Standards Board (ISSB).

The report includes a Climate Responsibility Resource Pack, detailing relevant green finance policies, regulations, initiatives and thought leadership. It also provides an analysis of early progress being made on net-zero banking.

David Postings, chief executive of UK Finance, said: “The banking and finance sector fully supports the government’s goal of net-zero UK emissions by 2050. As the world convenes in Glasgow for COP26, our report shows that lenders understand the key role they have to play in the transition to a low-carbon and more sustainable economy. At the same time, it’s vital that the transition to net-zero is fair and inclusive, bringing benefits to everyone across the UK.”