London,
15
November
2019
|
09:26
Europe/Amsterdam

City Corporation stands alongside EU Commission to call for closer ties in sustainable finance

City of London Corporation Policy Chair Catherine McGuinness will today [15 November] call for increased UK engagement with the European Union on green finance.

She will address attendees at an event looking at opportunities and challenges for sustainable growth in Europe alongside the Vice-President of the European Commission Valdis Dombrovskis. Ms McGuinness will also talk about an increased focus by the City Corporation going forward on global regulatory coherence, particularly in sustainable finance.

The EC Vice President will discuss priorities of the new European Commission for sustainability and green finance.

The event, being held at the City of London’s historic Guildhall, will also see contributions from the Lord Mayor of London William Russell, and environmental, social and corporate governance (ESG) and green finance heads at Allianz Global Investors and HSBC. London is currently a world leading centre for green finance, with 100 green bonds from 16 countries raising more than $26 billion. The capital was also ranked first for quality in Z/Yen's Global Green Finance Index 2019.

To further promote the sector, the City of London Corporation recently launched the Green Finance Institute (GFI) with support from the UK government. The organisation is the country’s principal forum for public and private sector collaboration in green finance.

Speaking about today’s event, City of London Corporation Policy Chair Catherine McGuinness said:

“Whatever happens with Brexit, we will need continued cooperation and engagement between the UK and the EU on many shared challenges, including sustainability and green growth. Tackling climate change requires international partnership.

“We want the City to become an engine of the transition to a low carbon economy – a global hub for green investment and also for green arbitration, accounting and technology.

“But to achieve this we will need new forms of cross-sector and cross-border collaboration, including the removal of barriers to investment, and ultimately the re-directing of more private capital towards climate change mitigation and resilience.

“Our EU neighbours will be crucial partners on this journey.”

Vice-President of the European Commission Valdis Dombrovskis said:

“In Europe, and the wider world too, there are broad issues to address that affect us all: the fight against climate change, digitalisation, ageing societies – to name a few. They will all profoundly transform our economies and societies.

“For the new European Commission, the next five years will be about managing these transformations effectively and fairly.

“For my own area of responsibility, this calls for a robust and risk-protected financial system underpinned by healthy and resilient national economies.”

ENDS

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. www.cityoflondon.gov.uk

For more information contact:Nathan Rodgers

Financial Services Media OfficerCity of London CorporationNathan.rodgers@cityoflondon.gov.uk44 (0)207 332 345144(0)7864 625086