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London Is A Global Hot Spot For Green Finance

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According to a report published by the City of London Corporation’s Green Finance Initiative today (11 November) the UK leads the world in Green Finance because of the City’s mix of expertise and innovation.

The report, ‘Globalising Green Finance: the UK as an international hub’, produced by PricewaterhouseCoopers and commissioned by the City of London Corporation, shows what a globalised green financial sector might look like and the steps required to get there. It aims to help UK policymakers prioritise the green agenda, and stimulate wider discussion about the opportunities and challenges associated with the green markets.

Green Finance can fund any means of reducing carbon emissions or raising resource efficiency. The G20’s Green Finance Study Group defines the sector more specifically as the “financing of investments that provide environmental benefits in the broader context of environmentally sustainable development.” It is key to meeting the huge demands on investment being created by the world’s transition towards a low-carbon economy.

Global green bond issuance so far this year has totalled $65.4b, and there are 39 green bonds issued and listed on London Stock Exchange, raising in excess of $9.3 billion in seven currencies.

The report highlights how and why the UK leads the global Green Finance sector, helping facilitate the global low-carbon transition, and makes a series of recommendations for the UK Government and business to help grow the sector, including:

  • Consider giving powers to a new or existing independent body to set a long-term path for the UK’s green economy, with all major stakeholders involved and responsible for success. It is crucial to set a clear path for stimulating Green Finance, business, technologies, projects and innovation.
  • Ensure that regulators prioritise climate-related financial risks and include green forward guidance in regulatory policy.
  • Working with other financial centres to ensure there is consistency in the labelling, transparency and measuring of green financial products. An example of how this could be done is through the formal partnership announced today between China’s Green Finance Committee and the City of London’s Green Finance Initiative, which will convene a working party in 2017 to jointly address issues including “knowledge sharing and capacity building, supporting cross-border green financial flows, developing mutually agreeable product frameworks and addressing market impediments.”
  • Leveraging the UK’s green financial expertise and international leadership to help construct a diversified, low-carbon domestic economy that works for everyone. This could include developing freely available green rankings and benchmarks; enhancing green financial education via professional qualifications; and issuing smaller denomination, local green products for retail investors and ISA savers.

There is a real opportunity to deliver a greener economy through financial markets and we will make sure the UK remains at the forefront of that effort.

The Economic Secretary to the Treasury, Simon Kirby, said:
“This report sets out a vision to make the UK’s world-leading green finance sector even more vibrant, innovative and global. There is a real opportunity to deliver a greener economy through financial markets and we will make sure the UK remains at the forefront of that effort.”

Sir Roger Gifford, Chairman of the City of London’s Green Finance Initiative, said:
“What this report shows is that the Green Finance sector in the UK is going from strength to strength. However, in order for it to be able to support fundamental economic change, the sector is looking for the ability to grow further and flourish in the coming years. I believe the recommendations put forward in the report, when enacted, will really help the sector become a gamer-changer in realising its full market potential.”

Jon Williams, financial services sustainability partner at PwC, said:
“The UK has the foundations to be a leading global green financial hub, and green finance has the potential to be a significant economic and environmental opportunity for the UK. The work of the Green Finance Initiative, and the vision and recommendations in this report, set out the blueprint and building blocks to make this a reality, and show that green and growth belong in the same sentence.”

The report was launched at a conference in the Square Mile on the future of Green Finance co-hosted by HM Treasury and the City of London’s Green Finance Initiative. This formed part of the 8th UK-China Economic and Financial Dialogue.

Economy

How Going Green Can Save A Company Money

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going green can save company money
Shutterstock Licensed Photot - By GOLFX

What is going green?

Going green means to live life in a way that is environmentally friendly for an entire population. It is the conservation of energy, water, and air. Going green means using products and resources that will not contaminate or pollute the air. It means being educated and well informed about the surroundings, and how to best protect them. It means recycling products that may not be biodegradable. Companies, as well as people, that adhere to going green can help to ensure a safer life for humanity.

The first step in going green

There are actually no step by step instructions for going green. The only requirement needed is making the decision to become environmentally conscious. It takes a caring attitude, and a willingness to make the change. It has been found that companies have improved their profit margins by going green. They have saved money on many of the frivolous things they they thought were a necessity. Besides saving money, companies are operating more efficiently than before going green. Companies have become aware of their ecological responsibility by pursuing the knowledge needed to make decisions that would change lifestyles and help sustain the earth’s natural resources for present and future generations.

Making needed changes within the company

After making the decision to go green, there are several things that can be changed in the workplace. A good place to start would be conserving energy used by electrical appliances. First, turning off the computer will save over the long run. Just letting it sleep still uses energy overnight. Turn off all other appliances like coffee maker, or anything that plugs in. Pull the socket from the outlet to stop unnecessary energy loss. Appliances continue to use electricity although they are switched off, and not unplugged. Get in the habit of turning off the lights whenever you leave a room. Change to fluorescent light bulbs, and lighting throughout the building. Have any leaks sealed on the premises to avoid the escape of heat or air.

Reducing the common paper waste

paper waste

Shutterstock Licensed Photo – By Yury Zap

Modern technologies and state of the art equipment, and tools have almost eliminated the use of paper in the office. Instead of sending out newsletters, brochures, written memos and reminders, you can now do all of these and more by technology while saving on the use of paper. Send out digital documents and emails to communicate with staff and other employees. By using this virtual bookkeeping technique, you will save a bundle on paper. When it is necessary to use paper for printing purposes or other services, choose the already recycled paper. It is smartly labeled and easy to find in any office supply store. It is called the Post Consumer Waste paper, or PCW paper. This will show that your company is dedicated to the preservation of natural resources. By using PCW paper, everyone helps to save the trees which provides and emits many important nutrients into the atmosphere.

Make money by spreading the word

Companies realize that consumers like to buy, or invest in whatever the latest trend may be. They also cater to companies that are doing great things for the quality of life of all people. People want to know that the companies that they cater to are doing their part for the environment and ecology. By going green, you can tell consumers of your experiences with helping them and communities be eco-friendly. This is a sound public relations technique to bring revenue to your brand. Boost the impact that your company makes on the environment. Go green, save and make money while essentially preserving what is normally taken for granted. The benefits of having a green company are enormous for consumers as well as the companies that engage in the process.

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Economy

Report: Green, Ethical and Socially Responsible Finance

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“The level of influence that ethical considerations have over consumer selection of financial services products and services is minimal, however, this is beginning to change. Younger consumers are more willing to pay extra for products provided by socially responsible companies.” Jessica Morley, Mintel’s Financial Services Analyst.

Consumer awareness of the impact consumerism has on society and the planet is increasing. In addition, the link between doing good and feeling good has never been clearer. Just 19% of people claim to not participate in any socially responsible activities.

As a result, the level of attention that people pay to the green and ethical claims made by products and providers is also increasing, meaning that such considerations play a greater role in the purchasing decision making process.

However, this is less true in the context of financial services, where people are much more concerned about the performance of a product rather than green and ethical factors. This is not to say, however, that they are not interested in the behaviour of financial service providers or in gaining more information about how firms behave responsibly.

This report focuses on why these consumer attitudes towards financial services providers exist and how they are changing. This includes examination of the wider economy and the current structure of the financial services sector.

Mintel’s exclusive consumer research looks at consumer participation in socially responsible activities, trust in the behaviour of financial services companies and attitudes towards green, ethical and socially responsible financial services products and providers. The report also considers consumer attitudes towards the social responsibilities of financial services firms and the green, ethical and socially responsible nature of new entrants.

There are some elements missing from this report, such as conducting socially responsible finance with OTC trading. We will cover these other topics in more detail in the future. You can research about Ameritrade if you want to know more ..

By this report today: call: 0203 416 4502 | email: iainooson[at]mintel.com

Report contents:

OVERVIEW
What you need to know
Report definition
EXECUTIVE SUMMARY
The market
Ethical financial services providers: A question of culture
Investment power
Consumers need convincing
The transformative potential of innovation
Consumers can demand change
The consumer
For financial products, performance is more important than principle
Competition from technology companies
Financial services firms perceived to be some of the least socially responsible
Repaying the social debt
Consumer trust is built on evidence
What we think
ISSUES AND INSIGHTS
Creating a more inclusive economy
The facts
The implications
Payments innovation helps fundraising go digital
The facts
The implications
The social debt of the financial crisis
The facts
The implications
THE MARKET – WHAT YOU NEED TO KNOW
Ethical financial services providers: A question of culture
Investment power
Consumers need convincing
The transformative potential of innovation
Consumers can demand change
PUTTING FINANCIAL SERVICES IN AN ETHICAL CONTEXT
An ethical economy
An ethical financial sector
Ethical financial services providers
GREEN, ETHICAL AND SOCIALLY RESPONSIBLE ISSUES IN FINANCIAL SERVICES
The role of investing
Divestment
The change potential of pensions
The role of trust
Greater transparency informs decisions
Learning from past mistakes
The role of innovation
Payments innovation: Improving financial inclusion
Competition from new entrants
The power of new money
The role of the consumer
Consumers empowered to make a change
Aligning products with self
THE CONSUMER – WHAT YOU NEED TO KNOW
For financial products, performance is more important than ethics
Financial services firms perceived to be some of the least socially responsible
Competition from technology companies
Repaying the social debt
Consumer trust is built on evidence
Overall trust levels are high
THE ETHICAL CONSUMER – SOCIALLY RESPONSIBLE ACTIVITIES
Payments innovation can boost charitable donations
Consumer engagement in socially responsible activities is high
Healthier finances make it easier to go green
SOCIALLY RESPONSIBLE COMPANIES
37% unable to identify socially responsible companies
Building societies seen to be more responsible than banks….
….whilst short-term loan companies are at the bottom of the pile
CONSUMER TRUST IN THE BEHAVIOUR OF FINANCIAL SERVICES COMPANIES
Overall trust levels are high
Tax avoidance remains a major concern
The divestment movement
Nationwide significantly more trusted
Trust levels remain high
CONSUMER ATTITUDES TOWARDS GREEN AND ETHICAL FINANCIAL PRODUCTS
For financial products, performance is more important than principle
Socially conscious consumers are more concerned
CONSUMER ATTITUDES TOWARDS TRANSPARENCY
Strategy reports provide little insight for consumers
Lack of clarity regarding corporate culture causes concern
Consumers want more information
THE ROLE OF FINANCIAL SERVICES FIRMS IN SOCIETY
The social debt of the financial crisis
THE SOCIAL RESPONSIBILITIES OF FINANCIAL SERVICES FIRMS
For consumers, financial services firms play larger economic role
Promoting financial responsibility
CHALLENGER COMPANIES AND SOCIAL RESPONSIBILITY
Consumer trust is built on evidence
The alternative opportunity
The target customer

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