Regulators placed at the heart of UK green finance push

first_imgUK financial regulators have come under the spotlight of political and industry groups pushing for the growth of green finance in the country.The parliament’s Environmental Audit Committee has written to Michael Gove, secretary of state for the environment, to use powers under UK climate change legislation to require the Pensions Regulator (TPR), the Financial Conduct Authority (FCA), and the Financial Reporting Council (FRC) to produce climate adaptation reports in respect of their public functions.“Amongst financial regulators in the UK, only the Bank of England and its Prudential Regulation Authority have given the issue serious attention,” the committee wrote in its letter.It was “particularly” concerned the FCA needed to develop its thinking in this area, it said. Investment consultants need expertise on climate change and other ESG issues, says Green Finance TaskforceThe financial regulatory framework was also the focus of some of the wide-ranging recommendations issued by a government-commissioned green finance group in its report to the government today.The Green Finance Taskforce issued a suite of recommendations for policy measures that could help mobilise investment needed to meet the UK’s environmental objectives and strengthen its position as a centre for green finance. “Clarification of fiduciary duties, investor competence, good fund governance on environmental, social and governance (ESG) issues and processes that take proper account of the financial risks and opportunities that they pose, are essential to enable the UK financial system to respond in a timely way to climate risk and clean growth opportunities,” the taskforce wrote in its report.Fiduciary duties were “foundational” for the UK investment industry and “the way they are framed, viewed and understood helps set the assumptions for appropriate investment behaviour,” it said.The taskforce recommended that the government clarify fiduciary duties and implement several supporting recommendations on investment processes and disclosures, in particular in revising investment regulations.The government should also “clarify” that investment consultants have sufficient expertise and competency on ESG issues, including climate change, and should include ESG issues as “a standing issue” when giving advice to pension scheme trustees.“Significant market failures are created by the challenges of translating science and data and applying it productively in corporate contexts.”Green Finance Taskforce The Department for Environment, Food and Rural Affairs (DEFRA) has already approached TPR, FCA and FRC about the possibility of them voluntarily participating in the next cycle of climate-related reporting.The bodies’ adaptation reports would need to set out their assessment of the current and predicted impact of climate change in relation to their functions and how they would adapt to it.A spokeswoman for the FCA said: “Our strategic objective is to ensure that the relevant markets function well. We are working alongside DEFRA and other regulators to address the issues of reporting and working towards a more collaborative approach to climate-related issues.”A spokeswoman for the FRC told IPE it was considering its approach to climate adaptation reporting and would “respond in due course”.The Environmental Audit Committee is conducting an inquiry into green finance, examining how to mobilise investment to meet the country’s climate change targets and “factor sustainability into financial decision-making”. It recently wrote to the 25 largest UK pension funds to question them about their approach to climate change.Expert group presents raft of green finance policy proposalscenter_img The green finance taskforce also advised the government to establish a centre for climate analytics, together with the private sector.This would help bridge a communication gap between climate impact experts and businesses, as many corporates and governments did not properly understand the potential size and scale of climate risk, according to the group.“Significant market failures are created by the challenges of translating science and data and applying it productively in corporate contexts,” it said.The taskforce also urged implementation of recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD), including that the government legislate if financial regulators did not provide the necessary support by 2021. Nick Molho, executive director at the Aldersgate Group and member of the Green Finance Taskforce, said that, if implemented together, the recommendations would make investment in green infrastructure projects more attractive and help “move the needle on green finance”.To be fully effective, implementation must be accompanied by more policy detail under the government’s Clean Growth Strategy and 25-Year Environment Plan, he said.“If we want financial institutions to ‘green’ their investments, there needs to be a pipeline of green infrastructure projects for them to invest in,” Molho said. “This will only happen if government provides more clarity in the coming months on the regulations and incentives that will be introduced to encourage investment in the energy efficiency of buildings, on- and offshore wind, low-carbon heat, electric vehicles and the natural environment.”  The government is due to respond to the recommendations in full later this year.last_img read more

Fate of Wimbledon Championships to be decided next week: All England Club

first_imgLondon: Amid the ongoing coronavirus pandemic, the All England Club has said that they will decide whether to postpone or cancel this year’s Wimbledon Championships next week after an emergency meeting.The club in a statement on Wednesday confirmed that “it is continuing a detailed evaluation of all scenarios for The Championships 2020, including postponement and cancellation, as a result of the COVID-19 outbreak”.An emergency meeting is scheduled for next week and “in preparation we are communicating closely with the LTA, and with the ATP, WTA, ITF and the other Grand Slams. The build for The Championships is due to begin at the end of April”.The club also stated that they have a very short window available to stage the Championships “due to the nature of our surface suggests that postponement is not without significant risk and difficulty”. Besides, playing behind closed doors has been formally ruled out.This year’s Wimbledon competition is scheduled to be held between June 29-July 12. IANS Also Read: Wimbledon champ Robert Farah suspended over positive doping testAlso Watch: East Siang District Administration in Arunachal Pradesh cautious over corona viruslast_img read more

Dundalk in Champions League action tonight

first_imgDamien Duff will join the Shamrock Rovers coaching staff for the rest of the season.The 37-year-old joins the first team as a coach and will assist interim manager Stephen Bradley.Duff made nine appearances for the club last year before retiring as a player. Meanwhile, Limerick sealed their place in the EA Sports cup final with a 1-0 win over Derry in the Brandywell last night.Stephen Kenny with the only goal as the first division leaders claimed a huge scalp.They’ll play Shamrock Rovers or St Pats in the final. In the SSE Airtricity league Premier Division St Pats overcame Wexford Youths 1-0 at Ferrycarraig Park.Ian Bermingham got the goal after 26 minutes.center_img The Lilywhites trail 1-0 going into the match in Tallaght stadium.The game can’t be hosted at Oriel Park as it does not meet the standard for this stage of the competition.Kick- is at 8pm.last_img read more

A rookie stars, but it isn’t Lonzo Ball as Lakers lose to Jazz, 96-81

first_imgWalton said that was a primary component of his postgame message to his young squad.The Lakers feel they had as good a draft as any team in the NBA in June. Ball is already a star, and Kuzma and Josh Hart, taken at the back end of the first round, have proven themselves worthy of rotation minutes.On Saturday, Mitchell, drafted 13th by the Jazz, outshone all of them.“Any rookie who can contribute in the NBA is impressive,” Walton said before the game. “Whether it is Kyle, Josh Hart, Mitchell, Lonzo.”Mitchell added three steals to his 9-of-16 shooting performance and scored 15 of his 22 points in the second half.“I know what he can do,” Ball said. “As you can see he’s a very good basketball player and helps his team every night.”Ball finished with nine points on 3-of-10 shooting, with each of his makes coming from beyond the arc. His two rebounds were a season-low, and his four assists were the fewest he had logged since opening night against the Clippers’ tenacious Patrick Beverley.Brandon Ingram led the Lakers with 16 points, while Jordan Clarkson contributed 15 off the bench.Walton said he was pleased with Ball’s three 3-pointers, but he thought the rookie struggled with the size of the Jazz, whose defense is anchored by All-Star center Rudy Gobert.“I think sometimes he got in there, might have over-penetrated,” Walton said, “but we’re being real picky because we’re asking him to get downhill and to (make plays) and tonight it happened to be Gobert waiting for him down there.”As a whole, the Lakers shot just 5 for 22 from 3-point range. A night earlier against Toronto they misfired on 20 of their 23 shots from the arc.“It is a long season,” Ball said. “We just started. … The defense, that’s the priority right now. As long as that is good we are not really worried about (shooting).” AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with Packers“He just came flying in,” Lakers coach Luke Walton said, “got that tip dunk which electrified the home crowd, as it should have. He probably hit that next three because of how good he was feeling on the tip dunk.”Separated by 12 seconds, it was those two plays with Ball on the wrong end that the Lakers rookie focused on after the they lost 96-81 to the Jazz on Saturday at Vivint Smart Home Arena.“Put this loss on me,” Ball said. “If you think about it, that kind of changed the course of the game. We were coming back. Two dumb plays by me and they got up.”What had been a 15-point deficit at the end of the first quarter was down to six late in the third when Kyle Kuzma hit a 3-pointer to pull the Lakers within 70-64. After the outburst by Mitchell, who led all scorers with 22 points, the Lakers faced an 11-point deficit entering the final period.“That was a huge one,” Walton said. “That was kind of a teaching point how one play at this level can change the entire game. We had all the momentum at that point. … The arena was quiet. We didn’t box him out.” On the Lakers’ next play, Ball threw a pass right to Jazz forward Joe Johnson, who found Mitchell for a 3-pointer. Lakers rookie Kyle Kuzma returns to Utah newly minted as rising star Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img PreviousUtah Jazz guard Donovan Mitchell (45) dunks in the second half during an NBA basketball game against the Los Angeles Lakers Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Los Angeles Lakers forward Brandon Ingram (14) dunks the ball over Utah Jazz center Rudy Gobert (27) in the first half of an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Utah Jazz guard Ricky Rubio (3) and Los Angeles Lakers center Brook Lopez, left, battle for the ball in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer) SoundThe gallery will resume insecondsUtah Jazz guard Donovan Mitchell (45) dunks as Los Angeles Lakers guard Lonzo Ball (2) looks on in the second half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Los Angeles Lakers guard Lonzo Ball, center, drives to the basket as Utah Jazz’s Derrick Favors (15) and Rudy Gobert, right, defend in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Los Angeles Lakers guard Lonzo Ball (2) lays up the ball as Utah Jazz center Rudy Gobert (27) defends in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Los Angeles Lakers forward Brandon Ingram (14) dunks the ball against Utah Jazz center Rudy Gobert (27) in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Utah Jazz guard Ricky Rubio (3) shoots as Los Angeles Lakers forward Larry Nance Jr. (7) defends in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Utah Jazz center Rudy Gobert (27) reacts after being called with a foul against the Los Angeles Lakers in the first half during an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Utah Jazz guard Donovan Mitchell (45) dunks in the second half during an NBA basketball game against the Los Angeles Lakers Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)Los Angeles Lakers forward Brandon Ingram (14) dunks the ball over Utah Jazz center Rudy Gobert (27) in the first half of an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)NextShow Caption1 of 9Los Angeles Lakers forward Brandon Ingram (14) dunks the ball over Utah Jazz center Rudy Gobert (27) in the first half of an NBA basketball game Saturday, Oct. 28, 2017, in Salt Lake City. (AP Photo/Rick Bowmer)ExpandSALT LAKE CITY – Lonzo Ball positioned himself under the basket for what should have been a routine rebound. A 3-point attempt went up, and Ball traced its course with his eyes.He glanced over his right shoulder a moment too late to save himself from the ensuing humiliation.Donovan Mitchell, the Jazz rookie Ball called a “real good” friend and the man he was supposed to box out on the play, came soaring in for a one-handed tomahawk dunk as Ball leaned back to avoid impact.Related Articles Heisler: Can someone from Lakers tell LaVar Ball to shut up? Brandon Ingram says he’s ready to become Lakers’ next great closer last_img read more