In June, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One. This meeting aims were to:
- Learn about and discuss progress
- Agree to action the 2025 SG Comms & Engagement (AG4) asks
- 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
Jennifer Tankard, UKF (on behalf of Tony Greenham, British Business Bank)
Gavin Starks, Icebreaker One
The next meeting will take place on the 27th August.