BSI, the UK’s national standards body, has released the first output of a five-year programme to help define globally applicable sustainable finance standards for the financial sector.
PAS 7340:2020, as the publication is known, is one of at least two so-called Publically Available Specifications (PASs) that are to be developed under the sustainable finance standardisation programme, which is being delivered in collaboration with the UK government and industry.
It was produced with the help of a steering group of financial services industry representatives and associated organisations, including CFA Society of the UK, consultancy E3G, Lloyds Banking Group, the UK Sustainable Investment and Finance Association, the Principles for Responsible Investment, and asset manager WHEB Group.
Taking the form of guidance and recommendations, it provides common terminology and a set of principles to help organisations identify, develop and maximise opportunities that address sustainability challenges.
Scott Steedman, director of standards at BSI, said: “The financial services community has highlighted wide-spread challenges in aligning with sustainability movements like the UN SDGs and Paris Agreement, as each organisation interprets and responds to the goals in their own unique way.
“Bringing together government and industry, we have helped to establish best practice with the publication of the first framework standard for embedding the principles of sustainable finance in financial services organisations.
“This is the first of three standards projects to be published by BSI as PASs and it provides the foundation for a harmonised global approach to sustainable finance.”
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