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UK Sets Out Net-Zero Investment Rules

Government wants to lead the world on carbon reduction goals and is targeting the financial sector

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  • Written by  Banking Exchange staff
UK Sets Out Net-Zero Investment Rules

The UK has become the latest country to set out rules governing companies’ emission reduction plans as part of its commitment to become the first net-zero financial center in the world.

Financial services firms and listed companies will be forced to release details of their contributions toward a net-zero carbon emissions economy by 2050, starting next year.

Chancellor Rishi Sunak’s first alluded to the rules at the COP26 climate conference, hosted by the UK in November last year. He stated that, from 2023, companies will need to publish a plan including climate risk mitigation targets, goals to reach prior to 2050, and how they will achieve these interim goals.

The UK has set up a Transition Plan Taskforce, co-chaired by finance minister John Glen and CEO of Aviva Amanda Blanc.

“Preventing the worst impacts of climate change will take all businesses developing ambitious, consistent transition plans to get us to a low carbon future,” Blanc said.

According to a statement from the finance ministry, the taskforce will tackle the issue of greenwashing through new “rigorous and robust” measures.

The UK’s move follows a similar announcement from the Securities and Exchange Commission (SEC). Last month, the US regulator announced new climate disclosure rules, which will demand regulated companies disclose climate-related information.

If climate factors are set to directly impact upon a business, a company must disclose how this will transpire through dedicated reporting channels. The SEC is still consulting on the rules, which will also require companies to disclose their direct and indirect carbon dioxide emissions.

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Webinar: Card Based Faster Payments in Today’s Digital Economy

Time/Date: June 28, 2022, at 2:00 ET

Consumers and businesses want instant gratification and the ability to move money in just minutes. From payroll to P2P to insurance benefits, demand is rising for instant disbursement. However, there are pain points in the current money movement ecosystem, and to address them, financial institutions need a payments strategy that addresses the dramatic rise in faster payments.

In this Banking Exchange hosted webinar on June 28, 2022, at 2:00 ET, Jaspreet Singh, Head of A2A/P2P Commercialization, Visa Direct at Visa Direct, and Al Griffin, Product Manager at Alacriti, discuss:

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