July saw markets respond to signals from central banks, with some clearer indications of rate cut timings for the US and Europe, while the Bank of England cut its base interest rate to 5% - the first rate cut since March 2020. Despite a political backlash against diversity, equity and inclusion (DEI) in the US, companies remain focused on their DEI commitments, and in the UK, job preservation becomes a focus in the transition to greener steel production.

As Q1 ended and data from major economies suggested increasing overall resilience, equity markets posted solid monthly returns. Europe’s flagship Nature Restoration Law faced mounting pressures, the UK National Standards Body launched a consultation for a framework of overarching principles for UK nature markets, and the Council of the European Union finally voted through an agreed text for the Corporate Sustainability Due Diligence Directive.

The start of the year saw optimism around the US economy contrast with pessimism in the UK, and weak growth forecasts for Europe. Transformations through artificial intelligence have raised opportunities and concerns, and renewable energy capacity has set new records.

Greenbank’s 2024 action plan highlights our programme of thematic engagement, which is closely linked to our eight sustainable development themes. We also operate an ongoing programme of tactical engagement with the companies in which we invest.

We are delighted to present our Vision with Values.

We are proud of the pioneering role our team has played, not only in developing a leading ethical, sustainable and impact investment service but also in driving improvements in the management of environmental, social and governance risks through our company engagement.