Sustainable Import Guarantee (SIG)
The Sustainable Import Guarantee (SIG) was one of 14 Recommendations of the Taskforce of the Global Resources Initiative (GRI), an industry-led initiative to define recommendations for how the UK and international partners can increase trade in sustainable commodities and reduce the deforestation impact of UK supply chains, which published its Final Recommendations Report in March 2020.
The SIG proposal presents an opportunity to develop an innovative green financial product to: incentivise sustainable sourcing; support the banking sector to increase sustainable lending and investment; and to encourage the banking sector to increase transparency and due diligence processes inherent in tracking sustainable supply chains, which could pave the way for wider due diligence across bank portfolios. This mechanism could have applicability across various sectors and commodities.
This scoping study is intended to contribute towards the broader evaluation of the proposition for a Sustainable Import Guarantee (SIG) that is being carried out through the SIG Working Group, led by BEIS, Efeca and the Green Finance Institute. Find both the SIG scoping study full report and the executive summary here.