* BSI launches best-practice requirements
* Aims to help lay groundwork for global standards
* Part of UK push to lead on green finance
By Simon Jessop
LONDON, Oct 28 (Reuters) - The British government has for
the first time issued a set of standards for asset managers
engaged in the multi-billion pound sustainable investment sector
as it looks to bolster its green credentials ahead of the next
round of global climate talks.
While a variety of industry standards have emerged over
recent years as money flows into funds that better assess
environmental, social and governance-related risks, this is the
first to be supported by the UK government.
"Transforming our financial system for a greener future is
crucial as we build back better from COVID-19 and to meet our
legally binding target for net zero carbon emissions by 2050,"
said Kwasi Kwarteng, minister of state for business, energy and
clean growth.
Figures from the Investment Association showed what it
termed responsible investment funds under management in UK funds
stood at 36 billion pounds ($47 billion) as of the end of
August, with total funds under management in these type of funds
increasing 89% over the 18 months to June 2020.
Hammered out by the BSI, the UK's national standards body,
along with the Department for Business, Energy and Industrial
Strategy (BEIS) and representatives of the UK financial services
industry, the requirements define best practice and aim to help
lay the groundwork for the development of international
standards.
Specifically, the new voluntary UK standard sets out the
requirements to establish, implement and manage the process of
integrating responsible and sustainable considerations into
investment management.
The new standard aims to support the UK Green Finance
Strategy, set out in 2019 and which forms a key plank of
Britain's efforts to prosper after it leaves the European Union,
which is itself launching a series of rules aimed at driving
green finance.
The moves come ahead of the next round of global climate
talks, to be held in Scotland next year.
($1 = 0.7673 pounds)
(Reporting by Simon Jessop
Editing by David Holmes)