A new initiative aimed at making London the world leader in green finance has been unveiled.
Launched by the City of London Corporation, it hopes to improve the financing options for sustainable infrastructure projects and support the sector’s development.
The first phase of the ‘Green Finance Initiative’ (GFI) will focus on three issues: improving the flow of projects generating green bonds in the UK, enhancing transparency and accreditation standards and better informing and incentivising the market.
Members of the initiative will be drawn from banks, insurers, accountants, academics, regulators and government.
The news was unveiled as the UN Environment Programme (UNEP) launched a separate report highlighting the UK as a “global hub” for green finance.
Sir Roger Gifford, Chair of the GFI said: “The City of London Corporation is determined that 2016 be the year in which policymakers and practitioners convene to drive the long term development of the UK’s green finance sector.
“As the UN Environment Programme put it so clearly, the financial system we need is one that fully supports and facilitates the transition toward a low carbon economy, and we believe London can play a leading role in this process.”
The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain.