The £1 million grant will enable the Initiative to launch a new programme to support board directors in financial services
The Climate Governance Initiative has received £1m in funding for a new programme leveraging the critical role of private finance in the transition to a low-emissions, climate-resilient economy.
The programme will build on the findings of the groundbreaking report ‘A Legal Framework for Impact’, which analysed legal requirements around the world and demonstrated that investment decisions that supported sustainability impacts were not just allowable, but necessary to deliver long-term financial results.
The Initiative supports a global network of Chapters that empowers and mobilises board directors on every continent to take climate action. Its new programme builds on the work of the Financial Sector Hub, whose events provide support, guidance and exchange opportunities to directors facing the specific and complex requirements of the financial sector related to climate change.
The new programme will offer practical guidance and tools to independent directors and trustees of financial institutions to help them understand their legal obligations regarding climate and enable better decision-making. It will also build a community of directors in financial institutions to enhance peer learning and engagement, and facilitate dialogue between these directors and their counterparts in other sectors to drive climate action in other sectors.
Simon Bowen has been appointed as Programme Director for the Climate Governance Initiative’s new programme. He has wide experience of leading programmes, operations, policy, risk, strategy and governance functions in several UK government departments and financial services. Simon has led a marine insurance intermediary and Lloyd’s broker and more recently was Head of Governance and Strategy for a directorate within the international group of HM Treasury.
“It is hugely exciting to see this major new grant from the Generation Foundation, which has developed a stellar reputation over 20 years in promoting sustainable investing. The financial sector is key to creating a future in which people and nature can flourish together for generations. Through this new programme, we can develop momentum for climate action in the boardrooms of pension funds and financial sector companies, ensuring that capital is placed where it will do the most long-term good. We are delighted to have Simon Bowen join the Climate Governance Initiative to lead the programme.”
Emily Farnworth, Director of the Climate Governance Initiative
“This programme seeks to empower board directors and trustees in financial services to drive the change needed to shift the norms of mainstream finance towards a sustainable future, and align capital flows with a 1.5-degree world. By building understanding of the issues and challenges board members and trustees face, and creating new practical guidance, tools, training and a supportive community to address these challenges, we will help unlock better decision-making on sustainability and accelerate climate action.”
Simon Bowen, Programme Director, Climate Governance Initiative
The grant includes funding for Chapter Zero, the network’s UK Chapter, to launch the project in the UK given London’s role as a global financial centre. The Climate Governance Initiative also intends to launch further deep dives and develop financial services communities in other regions, to accelerate action on sustainable investment globally.
“Mobilising the financial system is the fastest way to accelerate the clean energy transition. London is the world’s global financial centre, and home to many of the world’s leading climate scientists, with a long heritage of global climate leadership. Directors and Chairs on the boards of financial services companies make up the largest sector representation of Chapter Zero’s 3,300 members, so we are well placed to accelerate the pace of change.”
Vicky Moffatt, Chief Executive Officer of Chapter Zero
The Generation Foundation, which is providing this funding over two years, is a grant-making institution which works to unlock the power of capital markets to drive a more sustainable economic system.
“The financial sector alone cannot resolve the climate crisis but it is a necessary part of the solution. Investors are uniquely placed to address systemic risks like climate change and biodiversity loss using their powers of asset allocation, stewardship and policy advocacy together. ‘A Legal Framework for Impact’ makes clear that where they can, investors should use these tools to pursue positive impact and manage the value of their whole portfolio. We are delighted to be working with the Climate Governance Initiative to support pension trustees and non-executive directors to execute these duties.”
Alison Paton, Director at the Generation Foundation
As part of the early stages of this programme, a new briefing from the Centre for Climate Engagement (CCE) provides an outline of the fiduciary duties of investors in relation to systemic climate risks, following a 2024 series of roundtables hosted in collaboration with Clyde & Co.
Further information
About the Climate Governance Initiative
The Climate Governance Initiative is a non-profit dedicated to mobilising boards to accelerate the transition to net zero and build climate resilience. We develop and support a global network that empowers and mobilises board directors on every continent to take climate action by enhancing their knowledge and skills in climate governance. We are a rapidly growing global network with Chapters covering over 70 countries worldwide, reaching more than 100,000 chairs, non-executive and independent directors. Learn more about the Climate Governance Initiative on our website.
Biography: Simon Bowen
Simon has wide experience of leading programmes, operations, policy, risk, strategy and governance functions in several UK government departments and financial services. Simon has led a marine insurance intermediary and Lloyd’s broker and more recently was Head of Governance and Strategy for a directorate within the international group of HM Treasury. Simon holds an undergraduate degree in politics and international relations from the University of Hull and a master’s in international relations from the University of Cambridge. Simon’s master’s thesis focused on central banks’ developing role in re-positioning financial market rules within global climate governance regimes.
About the Generation Foundation
The Generation Foundation uses strategic research, grant-making and advocacy to unlock the power of capital markets to drive a more sustainable economic system. We share our vision with Generation Investment Management : a sustainable world in which prosperity is shared broadly in a society that achieves wellbeing for all, protects nature and preserves a habitable climate.
‘A Legal Framework for Impact’ was commissioned by the Generation Foundation, the UN-supported Principles for Responsible Investment (PRI) and the UN Environment Programme Finance Initiative (UNEP FI), and carried out by Freshfields Bruckhaus Deringer.
About Chapter Zero
Chapter Zero, the Directors’ Climate Forum, exists to equip and inspire directors to lead on climate from the boardroom.
Through expert-led curation, convening and community building, Chapter Zero provides the tools, knowledge and networks to ensure that climate is a strategic priority in boardrooms. Our events and publications programme brings the latest thinking on climate to our members, delivered in partnership with leading organisations including professional services firms, NGOs, think tanks and public policy organisations.
With over 3,000 members, Chapter Zero is represented on the boards of over 80% of the FTSE 100 and 75% of the FTSE 250.
Get in touch
Esme Montgomery Friedner | Senior Communications Manager | Climate Governance Initiative
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