Our monthly round-up of news, ideas and initiatives related to transforming the UK financial system for people and planet, compiled by the Lab’s CEO, Jesse Griffiths.
Climate
A major Dutch pension fund has sold almost all of its stakes in oil and gas companies after concluding they were not serious about the green transition. HSBC finally gives in to pressure to disclose off balance sheet emissions. But Barclay’s new climate strategy looks a lot like greenwashing. No wonder investors are calling for tougher climate-focused regulations for banks.
The European Central Bank estimates that 90% of European banks face serious climate transition risks. Investors are also underestimating these risks.
More proof that the mandates of central banks and regulators matter: the Bank of England cuts climate work after its green mandate was weakened by the Chancellor.
Here’s a campaign to get company directors to include sustainability in their financial statements.
The failings of the system
The UK falls further down the rankings of least corrupt countries. Fraud has doubled in the UK. Shame then that regulators are failing to hold senior executives to account for economic crime.
The sheer complexity of debt in the financial system is worrying. One solution is to regulate shadow banking.
Here’s a new report on how monopolists drive inequality.
Our pensions system is crumbling – here’s how to fix it.
Almost one third of the UK adult population has savings of less than £1,000. Here’s the annual JRF report on the state of poverty in the UK.
Also…
Some critical analysis of Labour’s financial services plan.
Here’s an interesting article on the advantages of ‘Britcoin’ – the proposed new central bank digital currency.
And finally…
Some polling about what the public think about inequality in Britain.