March comes with the promise of new ‘green investment’ through the UK Chancellor’s latest budget provisions. Included are green bonds, a new infrastructure bank and other measures said to encourage sustainable industries, although environmental groups have expressed doubts about the effectiveness of the policies, as well as some mixed messages about fuel duty, green home improvements and the budget’s overall adequacy to meet the demands of the UK’s legally-binding net-zero carbon pledge by 2050.
Even so, it is worth noting that the Chancellor has ordered a change in the Bank of England’s approach to monetary policy, which will oblige the bank to take account of the net-zero target and other environmental impact-related issues in its decision-making. This will serve to encourage integration of sustainability elsewhere in the financial sector.
While policy announcements such as this are made with great fanfare, it is only when the detailed provisions of these measures are released that we can start to assess and understand their real impact. With this in mind, we will aim to bring you a more substantial analysis of the sustainability drivers at work in the months to come, asking just how green is our budget. Stay tuned for more.
We have some new insights from our team for you this month. Our Director Felix Gummer warns that it’s just one year to go until the Plastic Tax gets introduced. This is only the beginning – act now to avoid even greater costs in the future. Read on to hear what businesses need to do to comply, and how to mitigate your exposure.
Isabella Stanbrook and Ivaylo Dimov review the revised reporting framework for UNPRI signatories which represents a significant change from the previous reporting tool, and discusses what firms need to pay attention to in order to report well. Sancroft is a UNPRI signatory ourselves, so we are well-versed in the challenges and opportunities that this presents.
Michael Bateson’s piece this month looks at how the changing understanding of systemic risk and sustainability is affecting corporate boards, and what boards need to take into account in order to respond effectively, especially around establishing board ownership of sustainability risk and performance, improving the quality and meaningfulness of carbon disclosures, and driving changes in supply chains that benefit climate and nature.
Finally, with International Women’s Day being observed this month, it seems a great time to celebrate our colleagues Robyn Locker and Rachel Horigan, the latest members of our team to be promoted to Consultant. My warmest congratulations and thanks for their excellent work to them both.
Be sure to follow us on LinkedIn for our regular announcements and team updates. Wishing you all a great month ahead.
At Sancroft we seek to challenge business to think differently and to make sustainable profits they can be proud of. Please do get in touch to find out how we can help.
For more insights from the Sancroft team, please sign up to our newsletter here.