Thread by @RyanJudeGreen

🧵GREEN FINANCE STRATEGY

Despite the obvious low ambition on green public spending & the UK's (lack of) response to US & EU in today's various strategies, hidden among the 1,000+ pages are also positives - namely on the green finance regulation side.

Quick 🧵...
#GreenDay

Firstly: positive updates on UK Green Taxonomy. Since the December delay, the need for clarity for the market was crucial.
🗓️Consultation Autumn 2023
📗Confirmed mandatory reporting via SDR - with 2-year voluntary lead-in
🟢Taxo will support other regs, including FCA labels

🌎 Importantly, Gov commits to "maximise interoperability" & "work with international partners to ensure that other efforts to develop national taxonomies are informed by the UK’s principles and approach."

This is in line with GTAG advice to Gov in Feb
greenfinanceinstitute.co.uk/wp-content/upl…

🌍 On interoperability, hidden on pg 62 is working with IPSF on GTAG's recommendation for "the development of a science-based global baseline on taxonomies"

Potential to have huge impact on international climate investments - particularly for emerging & developing economies.

🧑‍🌾🎣 New taxonomy sub-group that will develop agriculture & fisheries criteria has been announced - again in-line with GTAG advice from October.

Very excited to be working on this.

@GFI_green will set out more details on this shortly, including membership and timeline...

Transition Plans:
📙Gov will consult on large private companies also producing transition plans - this is really important, and a big win.
🌏 Working with other jurisdictions to mandate transition plans. Like interoperability in Green Taxonomies, this is key to global success.

✅Consultation on ESG ratings providers being regulated - long-awaited and welcomed. No information on regulating data providers though...
❓Will publish future net-zero investment roadmaps - sounds promising, but why the delay?
❌Nothing on winding down fossil fuel investments

🏙️Importance of Local Authorities is a theme throughout the doc. Unfortunately another theme is lack of tangible actions to help them - but Gov keen to do more.

Capacity building & technical assistance crucial. Commitment to work with @UKInfraBank & @GFI_green on this is welcome

Summary:
-Positive updates on green finance regs, despite previous delays;
-Not enough actual public finance committed (wider theme across all today's docs );
-More support for local gov needed;
-Time is running out, & a lot of this is "coming soon"... but some positives.

END

...now to read the Nature Markets Framework and International Climate Finance Strategy...