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UK–China Climate and Environmental Information Disclosure 1st year progress report

Overview
It has been 12 months since the announcement of the UK – China Climate and Environmental Information Disclosure pilot at the 9th UK – China Economic and Financial Dialogue. The pilot is a three-year initiative, with ten financial institutions, representatives from the Peoples’ Bank of China and the Bank of England, the City of London and the Principles of Responsible Investment. It seeks to support enhanced information disclosure practice in both countries.

Objectives
The purpose of the pilot is to:

  • Establish a platform for peer exchange on climate and environmental risk disclosures between UK & Chinese financial institutions
  • Raise awareness of the materiality of climate and environmental risk factors and build capacity in both countries.
  • Pilot disclosures against an agreed action plan on an annual basis before the UK – China Economic and Financial Dialogue

Since the announcement, pilot participants have met over three times and in the process developed a joint three year action plan. Each side is free to determine the details of their own plan, with the intention that each year will build on the last.


Report of UK-China Climate and Environmental Information Disclosure pilot 2018 - cover
Key highlights from the first year:

  • 11 case studies. All pilot participants have submitted case studies for the report (one organisation, Brunel / EAPF, has submitted two).
  • This represents the first time Chinese banks have publicly disclosed against some environmental key performance indicators.
  • UK participants case studies provide examples of a multi-year implementation process, governance disclosures, corporate engagement, carbon foot printing and use of scenario planning.

Participating Institutions:

  • ICBC (pilot coordinator)
  • Bank of Jiangsu
  • Industrial bank co. ltd
  • Bank of Huzhou
  • China Asset Management
  • E Fund
  • Aviva
  • HSBC
  • Brunel Pensions Partnership
  • Hermes Investment Management
  • Environment Agency Pension Fund
  • Representatives from the Bank of England & the Peoples’ Bank of China
  • City of London, Green Finance Initiative
  • PRI (pilot coordinator)

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