City Corporation Policy Chair calls on financial institutions to prioritise funding of sustainable projects this decade
City of London Corporation Policy Chair Catherine McGuinness has urged City investors to prioritise funding sustainable projects this decade to “drive the green revolution”.
In a speech in Glasgow at the Green Horizon Summit marking the beginning of COP26 Finance Day, the Policy Chair called on financial leaders to invest capital “where it will make the most difference”, adding that “shrinking our brown holdings might make us feel good, but it will not be sufficient”.
The Green Horizon Summit is a hybrid event bringing together the world’s leading financial institutions to find answers to questions holding back the growth of green finance and its role in getting the world to net zero emissions. Topics being discussed include barriers to accelerating the mobilisation of capital, financing both transition and growth, and how to price carbon and nature. The summit will also discuss how to mobilise investment into emerging and developing economies.
Speaking at the Green Horizon Summit, Policy Chair Catherine McGuinness said:
“The big question for today is - how can we use the tools and capital available to us to supercharge financing green?
"It is good that we closing in on meeting the annual $100bln public finance pledge to support decarbonisation efforts in emerging markets.
"But this will need to be dwarfed by trillions of new private investment if we are to succeed.
"Shrinking our brown holdings might make us feel good, but it will not be sufficient.
"We will need to mobilise and deploy capital into real world projects across the world to drive the green revolution. The stakes could not be higher.
We have to be bold, and we need to deliver projects in time for 2030, not just for 2050.
"There will be massive business opportunities, and government can help us channel finance and manage risk.
"The money is there; we now need to mobilise it to where it will make the most difference"
The Policy Chair will be attending COP26 Finance Day in the Blue Zone, speaking on the UK Cities Climate Investment Commission panel on the City Investment Imperative for Net Zero beginning at 10:35am GMT.
As part of its Climate Action Strategy, the City Corporation is committed to achieving net zero carbon emissions for its own operations by 2027 and to support the achievement of net zero for the whole Square Mile by 2040.
Notes to editors
About the City of London Corporation
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. www.cityoflondon.gov.uk