Onward Bulletin 25.05.2021
The latest research, events and news straight to your inbox every Tuesday.
Hello and welcome to Onward’s weekly summary of research, events and opinion. We hope you enjoy it. If you do, tell your friends or donate to support our work.
Onward activity
IN THE NEWS:
Findings from our latest report, Firm Foundations: levelling up inward investment, featured in articles for Investment Monitor and inews.
EVENTS:
Yesterday, Onward hosted our first event in the Clean Comeback series, click here to watch the event if you missed it.
At 9am on Tuesday 8th June we are delighted to be hosting a panel of leading voices from football and politics, including Gary Neville, to discuss how the game should be reformed. Register here.
On Thursday 10th June at 11am we are welcoming Nadhim Zahawi MP, among others, to discuss the role of UK manufacturing in levelling up. Register here.
In the last year we have overseen extraordinary economic intervention by the state, never before seen in peacetime Britain. As the dust settles after the pandemic, we have distinct choices to make about the future make-up of our economy.
The Government needs to work with the financial sector to ensure that the post-covid economy is anchored around sustainable - and fiscally responsible - investment, with a strong emphasis on environmental, social and governance factors at its core.
The pandemic has shown that sustainable investment is the way to go. Analysis from S&P Global found that, of the ESG funds examined in their research, 82% of posted higher returns than the S&P 500 in 2020. These funds have shown to be more resilient to worldwide economic turbulence than their dirtier counterparts.
As we enter a key period for international co-operation on climate from the G7 to the COP26 Summit, mobilising private capital for green infrastructure and embedding climate into investments will be at the forefront of discussions.
Domestically, we have already advanced quickly and emphatically on green finance, with notable moves being issuance of our first ever Green Gilt and the creation of the UK Infrastructure Bank in Leeds, with a distinct net zero mandate. On top of that, and as the Pensions Minister Guy Opperman said at an Onward event yesterday, in November last year the UK became the first country to introduce the Task Force on Climate-related Financial Disclosures guidelines into law.
Now it is time to push that ambition overseas. We need to utilise our position as President of the G7 and hosts of COP26 Summit to push our international partners to match our ambition on sustainable finance, encouraging them to take up the TCFD guidelines in their home countries. Global assets under management are set to double in size by 2025, to $84.9 trillion. Embedding TCFD rules into even a portion of this could be a powerful weapon against climate change.
Our double bill as hosts this year is an historic opportunity to shift the culture of investing across the World. We are in many ways the first responders, it is now time to bring our global friends and partners together in this fight.
Policy Bites
A cash injection of £166 million for green technology has been announced as part of the Government’s Green Industrial Revolution. Link.
Culture Secretary Oliver Dowden has announced the expert panel to join Chair Tracey Crouch MP for the Government’s fan-led review of football. Link.
The creation of new public body Great British Railways has been announced, with a view to integrating the railways and delivering passenger-focused travel with simpler, modern fares. Link.
Quick Links
Community ownership. Andy Street discusses how raised civic engagement can protect the UK’s pubs. Link.
Gas to go. Ministers are reportedly planning to introduce tougher environmental standards for residential heating systems as part of efforts to reach net zero by 2050. Link.
Regional inequality. The Office of National Statistics has released an interactive map for exploring economic inequality in the UK. Link.
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