City Corporation calls on Lib Dems to promote green finance growth

The City of London Corporation is calling on the Liberal Democrats to prioritise growth in UK green finance by backing a future regulatory environment which encourages innovation in financial services.

Today [16 September 2019], the City Corporation will host a roundtable with the Social Market Foundation (SMF) at the Liberal Democrat party conference in Bournemouth on the future of financial services regulation after Brexit.

Alongside the City Corporation’s Policy Chair Catherine McGuinness, party grandees Sir Vince Cable and Baroness Susan Kramer will address an audience of City figures and experts at the event, which will be chaired by SMF Director James Kirkup.

This will be followed by a dinner where prospective Liberal Democrat Cities of London and Westminster candidate, Chuka Umunna, will be delivering remarks on Brexit and the future of financial services.

The Liberal Democrats were among the first political parties to call for a zero-carbon Britain, arguing in their recent European Elections manifesto that this target must be met by 2045, contributing to a zero-carbon EU by 2050.

The City Corporation has been at the forefront of efforts to champion green finance – a key part of the solution to this global challenge and cutting carbon emissions – having recently providing the seed funding, together with HM Government, to establish the Green Finance Institute. The Institute is an independent, commercially-focused organisation working closely with its funders to mobilise capital towards decarbonisation and climate resilience of the economy and ensure the UK remains a leading global hub in green finance. London is ranked the world's top green finance centre for quality in Z/Yen's Global Green Finance Index.

The City Corporation has previously called for swift action to be taken to implement the outstanding recommendations from the Green Finance Taskforce, including the issuing of a Sovereign Green Bond.

The Global Commission on the Economy and Climate Change estimates around $93 trillion of global infrastructure investment between 2015 and 2030 will need to be green in order to meet climate change commitments. A fast-growing market, worldwide green bond issuance almost quadrupled from $45bn in 2015 to $168bn in 2018.

Catherine McGuinness, Policy Chair at the City Corporation, said:

“We recognise that the City has a vital role to play in fighting climate change and we know that the Liberal Democrats share our vision.

“The UK is a world leader in green finance but we cannot afford to rest on our laurels. That is why we are calling on the Liberal Democrats to back a future regulatory framework which allows innovation in green finance to flourish, as well as maintaining the UK’s global competitive edge. This, of course, must strike a balance with appropriate accountability, transparency and consumer protection.

“Whatever the outcome of Brexit, it is vital that regulation keeps pace with the challenges and opportunities of a fast-changing world – and that means green finance must be high up the agenda.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.