November 2024
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Format: DOWNLOADABLE PDF
This conference examined key issues for development of the UK transition finance market, alongside priorities for the new Government around infrastructure and green industrial policy.
It ibrought together stakeholders, policymakers and regulators to assess conclusions from the Transition Finance Market Review (TFMR) and implications for government policy ambitions for raising transition capital, positioning the UK as a world leader in the evolution of green finance, and supporting broader goals for decarbonisation across high-emitting sectors.
Delegates considered priority areas for the Transition Plan Taskforce and its coordination with the TFMR, as well as related policy, including the Government’s plans for a National Wealth Fund and the recently announced Great British Energy Bill, alongside transition finance.
Attendees considered the issues in the broader context of corporate ESG, including implications of the new FCA consultation on disclosure requirements for transition planning in prospectuses, and how to effectively define and implement transition finance strategies that align with Just Transition principles, as well as NAO’s report on the future role of Carbon Capture, Utilisation, and Storage (CCUS).
Further areas for discussion included the future of transition finance regulation, particularly around the development of a UK green taxonomy, the potential for mandatory corporate transition plans, and how plans to decarbonise high-emitting sectors such as the steel industry can be structured and regulated via the strategic use of green industrial policy.
We expected discussion on best practice in transition planning, the role of financial services in supporting these initiatives, and the integration of transition finance into broader ESG frameworks, alongside the progress of existing government strategies and how they can be adapted to meet the challenges and opportunities presented by the evolving market.
We are pleased to have been able to include keynote sessions with: Amy Jenkins, Deputy Director, UK Net Zero Investment and Green Finance, DESNZ; Kim Wilkinson, Head, Sustainable Finance Unit, HM Treasury; Vanessa Havard-Williams, Chair, Transition Finance Market Review; Irem Yerdelen, Lead Member, Sustainable Finance, City of London Corporation; Patrick Arber, Group Head, Government Engagement, Sustainability, Aviva; and Mark Manning, Visiting Senior Fellow, LSE.
Overall, areas for discussion included:
- Transition Finance Market Review:
- key findings and recommendations - assessing financial and market implications - implications for stakeholders - policy ambitions for the UK’s positioning as a global leader
- exploring government priorities:
- the future for the 2023 Green Finance Strategy and policy implementation on transition finance - addressing issues for taxonomy, reporting and transparency
- investor confidence and options for mitigating risk - the role of transition finance within the broader financial and investment landscape
- key considerations for transition finance regulation:
- coordinating policy and regulation of transition finance with industrial strategy and wider decarbonisation ambitions - priorities for the work of Transition Plan Taskforce
- next steps for UK transition finance policy and market development:
- the future for development, timescales, and the use of mandatory and sector-specific transition plans
- latest thinking on transition-related abatement of legacy power generation and high-carbon industries, including projects such as CCUS Vision - options for government support and strategic planning
- transition plans within the TFMR and the wider decarbonisation strategy landscape, including the National Wealth Fund, and aims for a just transition more widely
All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices. This includes the full proceedings and additional articles submitted by delegates. Those that attended include parliamentary pass-holders from House of Commons and officials from Defra; DAERA, NI; DBT; HM Treasury; Department for the Economy, NI; DoF, NI; DESNZ; DfT; CCC; MHCLG; DfC, NI; UKIB; Transport Scotland; CMA; ONS; GLD; DfE; Isle of Man Government; and the Welsh Government.
