In June, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One. This meeting aims were to:

  1. Learn about and discuss progress 
  2. Agree to action the 2025 SG Comms & Engagement (AG4) asks
  3. Endorse progress/flag any challenges

Summary:

  • It was noted that members had reached quorate endorsement of the roadmap
  • There was an update from the Delivery Oversight Committee. It was noted that:
    • From an oversight perspective, they continue to be content with Perseus’ governance structure, management and processes
    • The IB1 team has worked hard to reconfigure implementation within the current available funding. The risk register has been updated to reflect this.
    • The success presented by the Development Bank of Wales creates a solid case study of Perseus being used in the due diligence for a loan
  • Landscape updates were provided:
    • The Federation of Small Business (FSB) ‘Empowering small businesses on the journey to net zero’ report found that, while 70% of members think net-zero should be a government priority, only 51% see it as important to their business, and fewer than 20% believe they can achieve it by 2050.
    • 45,000 emission reduction initiatives were reported last year, but the Financial Reporting Council’s (FRC) removal of ESG from stewardship definitions may confuse SMEs.
  • There are opportunities in terms of building business resilience but there must be financing mechanisms targeted at SMEs, and tangible benefits for SMEs to invest in reducing carbon emissions.
  • The opportunity for Perseus data to align with XBRL reporting was discussed including:
    • XBRL’s transition to the GLEIF (Global Legal Entity Identifier Foundation) standard for company IDs
    • The range of taxonomies and need to align with best practices in reporting, while being adaptable to a shifting landscape
  • A membership update was provided. It was noted that:
    • there is renewed partner interest, and the opportunity to rebuild procurement momentum and push forward.
    • a funding strategy would be worked on for international development
    • presenting case studies is important for SMEs to understand the process and outcomes
  • The AG update was given and it was noted that
    • All AGs are synthesing pilot feedback, and iterating on next steps
    • AG1 has agreed gas as the second data category. This covers many Scope 1 use cases. It is working to define commercial value through a business modelling workshop, and how Perseus could be applied across all, not just green, loans.
    • AG2 is focused on the production readiness plan and sandbox environment
    • AG4 has been restructured to have shorter, sharper monthly meetings
    • Members discussed engagement and communications requests put forward by AG4, noting that
      • SG support boosts sector confidence and trust within the ecosystem
      • where banks are seen to be engaging it gives Carbon Accounting Platforms (CAPs) the confidence to invest

Principal:

Heather Buchanan, Bankers for Net Zero

Co-chairs:

Jennifer Tankard, UKF (on behalf of Tony Greenham, British Business Bank)

Gavin Starks, Icebreaker One 

Secretariat: Icebreaker One

The next meeting will take place on the 27th August.