The UK’s new PM has a once-in-a-generation opportunity to make the UK a global green finance centre and curb deforestation

The document urges the UK's new Prime Minister to use the Financial Services and Markets Bill to align financial flows with climate and nature goals. Global Witness claims the current draft prioritises 'international competitiveness' over climate targets and fails to meet COP26 pledges. The author proposes two amendments: a statutory objective for regulators to consider nature and climate, and a 'forest finance amendment' requiring due diligence on clients dealing with forest-risk commodities. The text highlights that over £300 billion of UK pension money is invested in high deforestation risk entities, with £200 billion in exposure specifically to Brazilian beef and soy and Indonesian palm oil supply chains.

• The current draft of the Financial Services and Markets Bill is criticised for prioritising 'international competitiveness' over the UK's legally-binding climate and nature targets, thereby failing to meet COP26 promises to establish the UK as the first net zero financial centre.
• Global Witness proposes a statutory objective requiring regulators to consider nature and climate in all new regulations to prevent a 'race to the bottom' and ensure the Greening Finance Roadmap's goal of factoring climate change into every investment decision is met.
• The document calls for a 'forest finance amendment' to mandate due diligence for financial actors dealing with forest-risk commodities, arguing that current laws like the 2021 Environment Act are undermined if they do not cover the financial sector.
• The UK financial sector has significant exposure to deforestation, with over £300 billion in pension money invested in high-risk companies and £200 billion in risk exposure specifically linked to Indonesian palm oil and Brazilian soy and beef supply chains.
• Climate change poses a substantial financial risk to the UK banking sector, with the Bank of England estimating a cost of more than £340 billion by 2050 if climate action is severely delayed.

APA

Global Witness (n.d.). The UK’s new PM has a once-in-a-generation opportunity to make the UK a global green finance centre and curb deforestation. https://globalwitness.org/en/campaigns/forests/the-uks-new-pm-has-a-once-in-a-generation-opportunity-to-make-the-uk-a-global-green-finance-centre-and-curb-deforestation/

Chicago

Global Witness. The UK’s new PM has a once-in-a-generation opportunity to make the UK a global green finance centre and curb deforestation. n.d. https://globalwitness.org/en/campaigns/forests/the-uks-new-pm-has-a-once-in-a-generation-opportunity-to-make-the-uk-a-global-green-finance-centre-and-curb-deforestation/.

Wikipedia

{{cite press release |author=Global Witness |title=The UK’s new PM has a once-in-a-generation opportunity to make the UK a global green finance centre and curb deforestation |url=https://globalwitness.org/en/campaigns/forests/the-uks-new-pm-has-a-once-in-a-generation-opportunity-to-make-the-uk-a-global-green-finance-centre-and-curb-deforestation/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitnessnduks, author = {{Global Witness}}, title = {{The UK’s new PM has a once-in-a-generation opportunity to make the UK a global green finance centre and curb deforestation}}, publisher = {Global Witness}, url = {https://globalwitness.org/en/campaigns/forests/the-uks-new-pm-has-a-once-in-a-generation-opportunity-to-make-the-uk-a-global-green-finance-centre-and-curb-deforestation/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }