Climate Finance Policy Engagement Analysis
Climate Lobbying Overview: TheCityUK appears to have had some engagement with climate-related financial policies, with largely positive top-line messaging on climate.
Top-Line Messaging on Climate-Related Financial Policy: TheCityUK supported urgent action to keep global temperature rise to below 1.5C in a 2022 joint report with PWC. In a 2023 press release TheCityUK CEO Miles Celic gave strong support to the UK Green Finance Strategy, recognizing the role of financial services in the net-zero transition and supporting the ‘alignment of global financial frameworks’. This support for a strong regulatory framework was reiterated in its 2024 Activity Update. However, in a 2022 press release, Miles Celic also stressed that ‘financial regulation cannot substitute for government climate policies’. Although it expressed general support for policy action on transition finance in a 2024 consultation response,TheCityUK emphasized that "overly-stringent" regulation may hinder capital flows and advocated for an "adaptable and measured" regulatory framework.
Position on Regulated Corporate Climate Disclosure: As a signatory to the 2024 UNPRI Call to Action, and in a 2024 response to the UK Business and Trade Committee, TheCityUK supported the global adoption of the International Sustainability Standards Board (ISSB) climate disclosure standards. In a 2022 [1650993 press release TheCityUK supported aligning disclosure requirements in the UK and Switzerland with frameworks outlined by the Task-Force for Climate-Related Disclosures (TCFD) and the International Sustainability Standards Board (ISSB). TheCityUK has also supported the disclosure of transition plans aligned with the framework created by the UK Transition Plan Taskforce (TPT) in a 2024 consultation response. However, in a 2023 response directly to the TPT, TheCityUK suggested the disclosure framework was ‘unduly onerous’ and supported a reduction in ambition.
Position on Taxonomies and Climate Standards/Labels/Benchmarks In a 2023 press release TheCityUK CEO Miles Celic supported the delivery of a UK Green Taxonomy. The group also supported the creation of a transition taxonomy in a 2024 consultation response regarding transition finance in the UK. In a November 2023 press release responding to a Financial Conduct Authority (FCA) policy paper on investment labels, Celic supported the regime as an important step in enhancing transparency.
Position on Incorporating Climate Factors into Investor Duties: In a 2023 press release, CEO Miles Celic supported the UK’s Sustainability Disclosure Requirements regime.
Position on Real Economy Climate Policy: TheCityUK has expressed broad support for emissions trading systems in its 2023 Annual Report, and support for the systems in the EU and US in a 2024 website article. It has supported widening the scope of the UK ETS in a 2024 response to the Treasury consultation on transition finance.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q1 2025.