UKSIF, IIGCC and PRI open letter to government: future of UK’s ‘green taxonomy’

Oscar Warwick Thompson
Oscar Warwick Thompson21st June 2022

The CEOs of three leading institutional investor-focused organisations – the Institutional Investors Group on Climate Change (IIGCC), Principles for Responsible Investment (PRI) and UK Sustainable Investment and Finance Association (UKSIF) – have published an open letter to the UK government, expressing strong opposition to the possible inclusion of natural gas activities in the UK’s ‘green taxonomy.’

The letter comes in response to recent media reports that the UK Government is actively considering this step. IIGGC, PRI and UKSIF together believe this action would undermine the credibility of the UK’s taxonomy for many investors, while significantly damaging the UK’s leadership position on sustainable finance for years to come.

The signatories also argue that short-term considerations on energy security must not be conflated with the taxonomy and that any inclusion of gas risks sending ‘misleading signals to investors’ at a time when they need greater clarity.

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