We are delighted that the Rt. Hon. Graham Stuart MP, Minister of State for Energy Security and Net Zero in the Department for Energy Security and Net Zero, has written in support of Perseus.
Copy of text:
“In 2019 the UK Government committed to reaching Net Zero greenhouse gas emissions by
2050, as recommended by the Climate Change Committee. Reaching Net Zero will require
extensive changes across the economy and the government remains committed to working
with the private sector to accelerate our journey to net zero.
Since the launch of the Glasgow Financial Alliance for Net Zero (GFANZ) at COP26 over
$130 trillion of private capital has been committed to transforming the global economy for
the transition to Net Zero. The UK has led the way in turning these commitments into action
through Bankers for Net Zero, the first and sole Country Chapter of the UN Convened,
industry-led Net Zero Banking Alliance. The initiative brings together banks, businesses,
policy makers and regulators to define and implement the interventions needed to
accelerate the UK economy’s transition to net zero.
A central part of this transition will rely on facilitating the decarbonisation of the UK’s 5.5
million SMEs. Over the last few years Bankers for Net Zero has created the foundations for
an SME Disclosure Platform, Project Perseus, which is now moving to execution stage. This
platform will support SMEs with sustainability reporting, and will facilitate net zero data
sharing. I am grateful to the Bankers for Net Zero member institutions and leaders that have
supported the project to reach this point.
The Government is supporting the Project Perseus initiative with its inclusion in the Green
Finance Strategy 2023, and via the British Business Bank, which co-chairs the project’s
Steering Committee. The project has already attracted immense international interest, with
institutions including the Organization for Economic Cooperation and Development, the
World Energy Council, the United Nations Environment Programme Finance Initiative and
the International Chambers of Commerce sitting as observers on the steering committee.
Further international counterparts are in the process of joining. The project will also play a
key role in supporting the work of the newly-established Net Zero Council, which I co-Chair
with Shirine Khoury-Haq, the CEO of Co-Op.
Your participation and support is essential to ensure the success of the project. I encourage
you to join Bankers for Net Zero and support Project Perseus to establish a scalable
strategic framework for driving the decarbonisation of SMEs. The scale of the challenge is
immense, but I am confident that it is achievable with commitment, collaboration,
coordination and material support from the private sector.
We plan to showcase the work thus far and the pilot at COP28, and will work with
programme partners as it progresses. I look forward to receiving your cooperation and
showcasing UK leadership on delivering net zero.”
Rt Hon Graham Stuart MP
Minister of State for Energy Security and Net Zero