 Yn ymwneud, rydyn ni'n gweithio'r ystod, Cynon Cymru, ac mae Ben yn ystod, yw Barennys Pen, y Llyfrgellau Treserau Ffynuig, yw'r ffocws gweithio'r Ffynuig, ESG, Ffynuig a'r Ffynuig Cymru. Mae'n fawr i'r Ffynuig i'w Llyfrgellau Ffynuig. Mae'r Gweithio Llyfrgellau Cymru, ac mae'r Gweithio Llyfrgellau Llyfrgell, yn gweithio'r ystod, Cynon Cymru i'r Ffynuig i'w Llyfrgellau Ffynuig, Rydymaid, a gyda'r Ffynuig i'w Llyfrgellau Ffynuig, ac mae'r Gweithio Llyfrgellau Ffynuig i'w Llyfrgellau Ffynuig a'r Ffynuig i'w Llyfrgellau Ffynuig, ac mae'n gweithio'r bwysig i'w Llyfrgellau Ffynuig i'w Llyfrgellau Ffynuig, ac yn ystod mae'n dda i ddweud i'r ddech chi am yr unrhyw dechrau ystaflon yn y Prif Weinidog. so bar yn ysbytio ar draws yma yn y cyfnod yw hynny, maen nhw'n golygu o ddarparu sydd wedi cael ei bod ychydig inni'r pryd mae'n gweithio ar ysbytio ar y cynrystaeth ond mae'n dod yn gallu i ddweud i ffath o gaelio ddweud i'n llunion eich bod yn cymryd trwy deillu ac oherwydd mae'n rhaid i'n meddwl, mae'r pleasure ar ysbytio'r pryd yn eich bod yn gallu, yn ysbytio ar rydych chi. Rhaid i weld hynny pam yn darllen ac mae'n fydd rhaid i geidio Igen, dwi'n cael ei ysgrif Davai ddaeth am yr oedgen CGFI o'ch syfoddon bobl hyn o gwneud amserol, sicrhau cynaintau ffaith, cymunedig cynnigol, mae pobl yn ddefnyddio, yn ceisio edrych o'i golygu a lefnodd am y gael gweithio'r strategaeth mewn gweld o gynyddoedd golygu ar gwyfordebiaeth y gwnaeth yn gweithio'r gynhyrch, Chwisio'r gwirioneddol yw'r gwlad yn cael ei wneud i'r llwysool sydd yn gallu ein gweithio i chi i ddechrau. Mae yna sy'n oeddi, yw'r ysgolio yma, mae'r Cyfrifod yw'r cyfrifod yw'r cyfrifod yw'r ysgolio a'r ysgolio yma. Mae'n edrych yn ymddangos yng Nghymru ddau cyfrifod yw'r cysylltu yma. I think it's really necessary. The government at a similar time, the country, London was ranked as the number one centre for green finance I think for the fourth year running, but if we're going to maintain that position we need to continue to show real ambition in this area. The reason the government is so committed to this space is absolutely because of our commitment to tackling climate change and biodiversity loss and moving towards a more nature positive future, but we do also see it as a big growth opportunity for the country. The global market for green goods and services could be worth £1 trillion for UK businesses by the end of the decade and with that comes huge export opportunities and high paid, high skilled jobs. We were able to crystallise some of the challenge and opportunity that the world faced in this area when we hosted COP26 two years ago and that's when the UK first announced its ambition to become the world's first net zero aligned financial centre. But the challenge for us all I think two years on is to ensure that we don't lose momentum and make sure that the commitments that we made at that time are turned into action. We've seen a lot of progress in that area and Ben set out some of it that is supported by the CGFI over the last few years since it's been set up. And that is what we're seeking to articulate in our updated green finance strategy, setting out the framework for what delivering a net zero aligned financial centre really means in practice. And that strategy sets out three areas for action, ensuring transparency of information across the economy, supporting the development of market tools and then establishing the necessary transmission channels to shift and scale up the financing of the transition to net zero and nature positive economy. And I'll take each of those in turn briefly and I think first and most salient to a lot of today's agenda is transparency. Our plan for sustainability disclosure requirements or SDR remains central to our efforts around transparency. The SDR framework brings together new and existing sustainability reporting requirements for business, the financial sector and investment products. And we've committed to consult on endorsing and adopting the IFRS sustainability disclosure standards once they are finalised. The UK was a strong and early supporter of the ISSB, the standards body developing this work and we continue to make the case for its importance as a global baseline standard to minimise the costs for firms operating across multiple jurisdictions. Today we're focusing on greening finance but we've also heard the importance of ensuring that the requirements don't just apply to our financial sector but across the whole of our economy and that's why we've also said that we will develop plans for the UK's largest firms to publish their net zero transition plans and we look to bring private companies in line with the existing requirements for financial firms and listed companies introduced by the FCA. That will be supported by the work of the Transition Plan Task Force, the TPT, which Ben has already mentioned and does sterling work on and which I'm really pleased to co-chair alongside Amanda Blanck. That work is developing at pace looking to establish best practice for companies and investors and the consultation on the draft guidance was launched at COP 27 last year. It's been finalised with a huge amount of responses and really looking forward to seeing that finalised guidance later this year. We're also supporting the work of the Task Force on nature related financial disclosures, TNFD, indeed the UK government is its largest financial backer and their work has already been endorsed by G7 finance ministers and the G20 and it will be essential to helping shift global financial flows away from nature negative outcomes towards nature positive outcomes. We're eager to see their final recommendations in September and we've committed to exploring how the final framework can be incorporated into UK policy and our legislative architecture later this year. Both in the UK and internationally we are seeing an increased demand for guidance on transition plans, nature related disclosure and wider sustainability issues and that's why the global work of TPT and TNFD is so important. Supporting coherence around global transparency standards. Alongside our disclosure agenda we're also supporting pioneering breakthrough technologies, investing in world class data and analytics and enabling companies to better report their climate change and nature related risks. I welcome the CGFI stepping up its role as a translation centre and a convening hub for science and finance communities to accelerate the comprehension of climate and environmental issues and facilitating these insights being adopted into financial decision making. For our part the government will also launch a call for evidence exploring how we can support scope 3 emissions of reporting and we've also committed to reducing the burden of generating this data for businesses as much as possible. That means supporting the data generation and reporting processes for small and medium sized enterprises who are often an important part of the value chain for larger businesses or financial firms. To this end we're working with Bankers for Net Zero, the British Business Bank and a range of industry stakeholders to automate SME sustainability reporting on a national scale. Turning to delivering the tools for transformation, we need to ensure that companies and investors have the right tools they need to be able to assess and act on sustainability disclosures or to develop new products and services. That's why we remain committed to delivering a usable and useful UK green taxonomy and we're consulting on that in autumn this year and we would really welcome all of your engagement on that consultation. To ensure we have high standards of integrity in the market we've published a consultation on regulating environmental, social and governance ratings providers and that is all the more important as the UK is a leader in the ESG related services market and a market that has grown rapidly in recent years. So we need to get our approach right and ensure that the UK's framework for ESG ratings both encourages innovation but also supports a well functioning market. We're not just looking to build on existing strengths in green finance, we also want to support innovation and that's why we've set out our intention to make the UK the best place in the world for raising transition capital. We're commissioning the transition finance market review to convene market experts to consider what market tools the private sector could provide to scale transition focused capital raising and maximise the opportunity for UK based financial services expertise. It's really exciting therefore to see in parallel the CGFI's work developing the new transition finance centre of excellence which will play a leading role in defining key aspects of transition finance such as best practice sectoral transition plans and developing new capabilities for practitioners. The third part of our framework as I mentioned focuses on transmission channels, the links between projects and sectors that will impact the transition and the scale of finance available and policies such as Solvency UK, our green guilt programme and our work on investor stewardship will all help to deliver this. Solvency UK reforms will provide incentives for insurers to increase investment in long term productive assets including innovative green assets and renewable energy infrastructure and our green financing programme remains the backbone of our green finance agenda raising more than £26 billion since its launch in 2021. Finally we absolutely recognise that the success of our green finance strategy relies on having the right pipeline of investment opportunities and that relies on public investment and also policy clarity. So alongside our green finance strategy the government published our plans for both delivering our energy security objectives and our net zero targets backed by over £30 billion of investment in the last spending review and since then we've announced additional funding for energy efficiency and carbon capture utilisation and storage. These financial commitments have been a game changer for the UK. We've seen total public and private investment in low carbon sectors more than doubling in real terms across the last five years. Over 2021 and 2022 alone over £48 billion of new investment were delivered. On the need for greater clarity on the pathways for the sectors and technologies needed to support the economic transition we've published investment roadmaps on offshore wind, heat pumps and updated roadmaps on CCUS and hydrogen and we plan to publish further roadmaps for further sectors later this year to give investors the clarity they need on what the government's vision is. For different sectors and their pathways towards transition. I am really excited to be working for the government on green finance because I believe that we are uniquely placed to be a world leader in this area. It's because we have people like those in this room representing world leading research, tech and financial sectors which means that we can combine our public leadership and our private leadership on climate change to really drive forward work in this area. And CGFI and the other organisations here today in its membership and beyond are key to making that collaboration happen in improving access to high quality climate and environmental science data and insights needed to make good financial decision making. So our green finance strategy is intended to act as a blueprint for how we can continue to use our combined leadership and expertise to accelerate the shift and catalyse green finance globally. The publication is only the start of that work and we will only deliver on it if we're able to work together and go further and faster on our green transition. So it's really great to be with you here today and thank you very much for your time. I'm very positive and may I say encouraging start. Baroness Penn's planning leadership asks some questions so over the weekend Ben set up a Baroness Penn questions task and produced three perfectly calibrated comprehensive questions to cover the full spectrum. So Baroness Penn, what does the net zero combined finance set to mean for data and analytics and how can the government ensure that the flow of high quality data to import capital allocation to support the transition? So I think there's two really important areas when it comes to data and analytics first as I touched on is the pillar of transparency in the green finance strategy and data and analytics will be absolutely central to that. The other thing that we set out in our approach is that over the course of this year we want to set out what KPIs we have for knowing whether that strategy is actually delivering and we want to work with stakeholders and with the sector in developing those KPIs so that we actually know whether what we've set out is delivering the ultimate goal which is aligning financial flows with our net zero targets and our commitments on biodiversity and nature recovery too. And that's why I think in the first green finance strategy there was a commitment to setting up centres such as CDFI to really make sure that the link between the worlds of science academia research and innovation and the financial sector were being made so that not only do we have the data and analytics but it's there in a useful and usable format that actually impacts on decision making. I'm going to switch now to the transition side of things in there. You mentioned you co-chair the transition at band task force alongside band of one for the other. What's the latest on the TPT? How do you think it's aligning with international efforts? So the consultation on the draft guidance closed quite recently and the TPT has been working through that with a view to having finalised guidance for firms by the end of this year. One of the things that the TPT has been really conscious of throughout its existence is working internationally to make sure that its work docks in with existing standards where they're being developed so it will apply in that way. But also thinking about how its work can be used in an international context and people like Ben but other members of our steering group, our regulators engage globally all the time hearing from other jurisdictions who have plans in this area or regulators who have plans in this area to make sure that the work of the TPT is not just UK focused. Although I'm sure as we have more requirements on firms to disclose transition plans we'll be drawing on that guidance but to also make sure that it's got global relevance and that's something that we've built into the process from the start. Thank you so much. And finally, and in touch also just on the obviously recently published update in green finance strategy, what are the key priorities for a search that you think would have labelled a delivery of the updated strategy? So I think the conference agenda you've got today is a pretty useful one for setting out some of those priorities and if I pick up on just two, one is transition which we've just talked about. But the other is nature where the pace at which I think the development of data reporting when it comes to protecting against nature loss is exceeding the pace at which we've moved in terms of climate risk reporting. And it needs to because we've got far more ambitious deadlines and targets that we've signed up to meet. And I've been really impressed at how the TNSD is conducting its work in a really open and collaborative way so that hopefully when we see the standards in September actually they've been through a really kind of thorough development process. That means that we can move quite quickly in terms of thinking how we can apply them to our work. And when I think about conversations I have with those in the financial sector, there's concern around the complexity of data versus climate and I think that's right. But I also speak to those who have engaged in TNSD's work and they say that they're pleasantly surprised about the kind of overlap and the alignment that there is in trying to think about how you would apply something like TNSD to complement the work on TCFD and other areas. So I think they're really important though because we need to move further and faster than we have so far on climate in an area like nature. And it is more complex and so greater research in that area will really support us in our work there. Super. Baroness Penn, thank you so much for joining us this morning and I think you'll be saying for a little bit longer. I must say we've got a drinks reception in 1745 so after a long day at Treasury please feel free to come back and meet everybody over a drink and bring some colleagues too but thank you so much. Thank you very much.