The City of London Corporation, alongside the Government, will fund a new Green Finance Institute to champion sustainable finance in the UK and abroad.
A key recommendation of the Green Finance Taskforce, the new Green Finance Institute was announced by the Chancellor on 21st June 2018 as part of his vision for the future of the UK’s world-leading financial services sector.
In his speech, the Chancellor said:
“The UK is already leading the charge in this market – with nearly 80 green bonds raising more than $24 billion across seven currencies.
“But if we are collectively to meet our global climate goals, we will need to mobilise $90 trillion by 2030.
“And it is my ambition that the UK leads the world in financing this investment.
So tonight I can announce we are establishing a new Green Finance Institute here in London, jointly funded by government and the City of London.
“So that firms from across the world can access our one-stop-shop for world-leading climate science, and for capital.
“Here in the UK – the home to the markets of the future.”
Commenting on the new Institute, Catherine McGuinness, Policy Chairman of the City of London Corporation said:
“I’m delighted that the Government is partnering with the City of London Corporation to set up a Green Finance Institute.
“This will bring together the UK’s existing capabilities, create new business opportunities, and communicate to the wider market what London’s offer is in green finance and insurance.
“Promoting this is not only good for business, but is good for the world; helping tackle one of our greatest challenges – global warming.
“London is already a world leader in green finance, and this institute, a key recommendation of the Green Finance Taskforce, will ensure we remain so for years to come.”
- In March 2018, the Green Finance Taskforce published a set of recommendations to the government and industry. A key recommendation from the Taskforce was to establish an Institute to build on the strengths of the GFI, bringing together the UK’s existing capabilities, create new business opportunities and communicate to the wider market what London’s offer in green finance is. The Institute will also play a vital role in our international engagement on financial services, especially in emerging markets where green finance demands are growing rapidly.