Royaume-Uni

This paper explores data and methods to assess the alignment or misalignment with climate mitigation objectives of investments in the construction and refurbishment of residential and non-residential buildings. It takes the United Kingdom (UK) as a case study, where such investments reached GBP 162 billion (EUR 184 billion) in 2019 or 39% of UK gross fixed capital formation. The analysis trials different reference points that lead to varying results and each currently come with limitations in terms of coverage or granularity. Sector-level greenhouse gas (GHG) trajectories indicate that, in aggregate, investments in UK buildings have been insufficient, delayed or not aligned enough with caps set by UK Carbon Budgets, but such trajectories currently lack disaggregation for a more granular and insightful matching with investment data. Energy performance certificates (EPCs) allow for asset-level analyses: for instance, 79% of 2010-2019 investments in new built residential were in relatively energy efficient buildings but only 1% were consistent with more demanding recommendations towards the UK’s objective of reaching net-zero GHG in 2050. The coverage and reliability of EPCs, however, needs to be improved for older buildings, whose deep retrofitting is a major financing challenge. Applying Climate Bonds Initiative criteria for low-carbon buildings identifies investments eligible for green bond financing, but such criteria have partial sectoral coverage and are based on currently most efficient buildings within the existing stock, which makes them relatively easy to meet for investments in new built. Producing more complete and policy relevant assessments of aligned and misaligned investments at national and sectoral levels requires the availability of and access to comparable and granular data on decarbonisation targets and pathways consistent with the Paris Agreement temperature goals, GHG performance of assets, corporate and household investments, as well as underlying sources of financing.

Ce rapport est une édition spéciale du Tableau de bord de l’OCDE sur le financement des PME et des entrepreneurs, publication phare de l’OCDE. Il examine en détail les conséquences du COVID-19 sur l’accès des PME au financement, ainsi que les mesures prises en conséquence par les pouvoirs publics. Il apparaît qu’avant la crise, les conditions de financement étaient globalement favorables pour les PME et les entrepreneurs, qui bénéficiaient de faibles taux d’intérêt, de critères accommodants d’octroi des crédits et d’une offre de plus en plus diversifiée d’instruments de financement. Mais la crise du COVID‑19 a profondément bouleversé l’accès des PME au financement. Plus particulièrement, l’effondrement brutal du chiffre d’affaires des entreprises a provoqué de graves pénuries de liquidités qui ont mis en danger la survie de bon nombre d’entreprises viables. Ce rapport fait état d’une augmentation de la demande de prêts bancaires au cours du premier semestre de 2020, et d’une stabilité de l’offre de crédit grâce à l’action des pouvoirs publics. Parallèlement, on a observé un recul d’autres sources de financement, en particulier l’apport de fonds propres au stade du démarrage. Le rapport réunit des données sur le périmètre et l’ampleur des mesures prises par les gouvernements dans le monde, et en précise les principales caractéristiques. Il décrit les principaux enjeux stratégiques du financement des PME qui se poseront au cours des prochaines phases de la pandémie ; il s’agira en effet d’éviter le surendettement des PME, de promouvoir une gamme diversifiée d’instruments de financement, de stimuler la création d’entreprises et de renforcer la résilience des PME par des mesures structurelles.

The Welsh Government has set an ambitious and innovative path for regional development and public investment – one focused on generating growth and increasing productivity, while also reducing territorial disparities and ensuring the well-being of citizens, now and in the future. Yet, it faces significant challenges, accentuated by limited fiscal decentralisation and changes to public investment financing post-Brexit. This OECD Multi-level Governance Studies report provides the Welsh Government and Welsh local authorities with analysis and recommendations on how to achieve regional development and public investment aims. The report offers insight into how the Welsh Government and Welsh local authorities can increase their fiscal and public investment capacity, and strengthen their governance practices. It stresses that the Welsh Government’s ability to coordinate regional development policy and associated public investment is a determining factor in meeting growth and well-being objectives. This report also proposes a variety of mechanisms to strengthen policy and service delivery at the local level. A case study featuring the challenges and benefits of establishing economic regions in Mid and South West Wales sheds a practical light on the various aspects explored throughout the report.

Trends in bank profitability and factors affecting it are major indicators of changes in the state of health of national banking systems. This publication provides nationally aggregated financial statements of banks data for OECD member countries. The coverage of banks is not the same in each country, though the objective is to include all institutions that conduct ordinary banking business, namely institutions which primarily take deposits from the public at large and provide finance for a wide range of purposes. Some information on the number of reporting banks, their branches and staff is also included, as well as structural information regarding the whole financial sector. Moreover, ratios, based on various items of the financial statements of banks in percentage of some specific aggregates, are supplied to facilitate the analysis of trends in bank profitability of OECD countries. Times series available vary according to country, but generally the last five years of available data are shown.