In November, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One. This meeting aimed to update members on the progress of the pilot, sign off on the executive summary, summarise AG progress and discuss the next steps of the pilot and plans for 2025.

Summary:

  • The draft Executive Summary was agreed and endorsed by members. 
  • It was agreed that the 2025 aim is to ‘go to market’.
  • It was noted that the 2025 target is to have 5 CAPs and 3 FSPs activated/live in the market.
  • B4NZ provided a landscape update, including notes from COP:
    • It was noted that SME prominence in the global climate discussion continues to grow, becoming embedded in the COP infrastructure. 
    • It was noted there is a newly launched Willow Review – which aims to underline the financial benefits of sustainability for small businesses across the UK
    • It was noted that B4NZ received positive feedback on the Perseus updates given at COP
  • It was noted that Perseus will pursue plans to host parliamentary drop-ins to provide updates to MPs on the programme and there was a call for support and involvement from SG members 
  • It was noted that data is mentioned in the UK Industrial Strategy and the Data (Use and Access) Bill is making its way through Parliament. It was noted that Perseus is as an exemplar cross-sector Smart Data initiative in the UK
  • The Delivery Oversight Committee (DoC) provided an update on progress. It was noted that funding has been challenging and remains top of the agenda to deliver the project. It was noted that joint funding by industry and government would help both provide continuity and ensure that both commercial, social and national needs are addressed.
  • It was noted that the Development Bank of Wales (DBW) has used Perseus to underpin the issuance of a green loan. DBW gave a presentation on their experience with Perseus so far and noted that:
    • within the pilot they are aiming to develop their own capability to support innovation in SME transition finance, and support the broader market to deliver 
    • Perseus aligns with their objective to ensure that SMEs have the knowledge, skills and finance to support a just transition 
    • the first candidate for Perseus has been identified with a loan expected to be sanctioned after Christmas 
    • Pilot findings included:
      • The importance of getting early buy-in from leadership, investment and legal teams 
      • that Perseus is suitable to work within existing due diligence controls and customer relationships 
      • it has been demonstrated that where a customer is willing to give permission to their data being used, DBW are willing to use it in their loan decision, with the loan being linked to measure performance 
  • The question ‘What’s the most exciting thing we can do in 2025?’ was discussed and focussed on increasing both the number and size of loans issued to accelerate impact across multiple lenders
  • Advisory Groups presented and noted:
    • AG1 has a document detailing product opportunities for FSPs, CAPs and government, ecosystem maps and future innovation cases, and has endorsed the Assurability Framework 
    • AG2 has a goal to deliver end-end infrastructure during the pilot phase, with the pilot directory and registry already operational in 2024
    • AG3 has drafted the Perseus Scheme agreement and Dispute Resolution Procedure
    • In 2025 the policy and regulatory group (AG5) will be reinstigated (it had been merged with AG3 in 2024)
    • AG4 will lead communications on the report and messaging will focus on increasing engagement and trust in the project
  • It was agreed that support will be sought from SG members to support communications in the go to market phase in 2025, to assist in building trust with all stakeholders. It was noted that such communications would be most effective if synchronised. It was discussed that London Climate Action Week could be such an opportunity.

Principal:

Heather Buchanan, Bankers for Net Zero

Co-chairs:

Tony Greenham, British Business Bank

Gavin Starks, Icebreaker One 

Secretariat: Icebreaker One

The next meeting will take place on the 26th February 2025.

Formal records are maintained by the secretariat. These are confidential to the Steering Group Members.