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If the past two years have normalised the concept of Net Zero for individual financial firms, the idea of a net-zero financial sector appears to be fast following suit. A recent global survey of more than 1,000 pension funds and insurers indicated that 90% of pension funds and 94% of insurers had either committed to Net Zero or were planning to.
Sector-wide transition is clearly underway.
Against this backdrop, the UK’s independent public advisory body, the Climate Change Committee, published an advisory report in December called The Road to Net-Zero Finance, which recommended the UK lead the world by committing to be the first net-zero finance system.
Last month, in a ringing endorsement of this concept, UK financial institutions responsible for over $5tn in assets penned a letter calling on the Prime Minister to adv…