Speaker: Christopher Woolard, Executive Director of Strategy and Competition Event: FCA’s Innovating for a Greener Great Britain event, London Delivered: 19 October 2018Note: this is the speech as drafted and may differ from the delivered version Just this morning I recycled my newspaper; had a coffee in my reusable cup; came to work on public transport and arrived in our environmentally friendly building. Companies are increasingly aware of how climate change will affect them, and how to respond.
The role for commercial businesses is also becoming clearer.
As well as hearing your views, we’re coordinating with colleagues across the country, and indeed across the world, working closely with domestic and international regulators to understand the specific areas where we might intervene.
In line with this, we will establish a new FCA-PRA Climate Risk Forum alongside colleagues at the Bank of England, to help consider climate-related financial risks, share best practice and provide intellectual leadership in this emerging field.
And we’re keen to support financial services in playing a positive role in global climate change efforts.
We are also looking at how we can ensure that asset managers are able to make informed decisions about the climate risks faced by the companies they invest in.
There are now over 70 green bonds listed on the London Stock Exchange, raising more than bn in 7 currencies.
Thirty-eight green companies have raised bn in London.
Major global events impacting on the value of investments, affecting pensions, savings and other direct investment products. Our job is to make markets for financial services work well.
The impact of meeting the Paris Agreement on individual households. Part of that is ensuring that financial services are adequately prepared to cope with the changes on the horizon. Following the Law Commission’s recommendations, we have announced our intention to consult on rule changes requiring Independent Governance Committees (IGCs) to report on firms' policies towards evaluating environmental, social and governance (ESG) considerations, including climate change.