The Department for Business, Energy & Industrial Strategy has opened a consultation to support the government in developing an update to the Green Finance Strategy, planned for publication in late 2022.
This call for evidence notes that the updated Green Finance Strategy will set out how the UK can better ensure the financial services industry is supporting the UK’s energy security, climate and environmental objectives. A headline question is ‘how can the UK support a financial system that leverages private investment to meet the objectives of the British Energy Security Strategy, including in areas such as nuclear, hydrogen, carbon capture and storage and domestic oil and gas production, to reduce our reliance on imported fossil fuels as part of a smooth energy transition?’. Private sector investment will need to scale-up significantly to bridge the financing gap for nature-based outcomes in line with government policy, which includes services such as carbon capture and storage.