UKSIF Response to Labour Party’s Financial Services Plan

The Labour Party has today published its plan for financial services, Financing Growth, echoing many key recommendations made by UKSIF, the UK’s leading member organisation for sustainable investment and finance.

The report, authored by Shadow Chancellor Rachel Reeves MP, and Shadow Economic Secretary to the Treasury Tulip Siddiq MP, commits to delivering a world-leading green finance regulatory framework: advancing a science-based UK green taxonomy; fulfilling the UK’s commitment to Sustainability Disclosure Requirements aligned with the International Sustainability Standards Board; and requiring financial institutions and major companies to publish transition plans, aligned with the Transition Plan Taskforce disclosure framework.

It also makes several commitments which could strengthen the role of private capital in greening the wider economy, including expanding the offering of green mortgages, potentially to include options to finance retrofitting work, as well as empowering the British Business Bank with a more ambitious and targeted remit.

“We’re pleased to see the Labour Party recognising the importance of securing the UK’s leadership position as a world leader in green finance. Highlighting the potential of green mortgages and financing models for retrofitting also recognises the vital role of private capital in greening the wider economy. Implementing key commitments in the UK’s Green Finance Strategy, while taking a strategic approach to the role of private finance in the UK’s wider green transition, are key to fully realising the potential of sustainable finance in UK growth going forwards.” comments James Alexander, Chief Executive of UKSIF.