City of London Corporation welcomes G20’s commitment to green finance and announces Green Finance Summit 2017

City of London Corporation welcomes G20’s commitment to green finance and announces Green Finance Summit 2017

Two of the world’s leading financial centers have agreed to work together to promote the growing financial sector of green finance. The City of London Corporation’s Green Finance Initiative has agreed to work closely with China’s Green Finance Committee to promote and raise awareness of green finance.

China and the United Kingdom are increasingly promoting green bonds and taking action more broadly on developing green finance. The UK has emerged as the global hub for green finance, green bond issuance and investment, while in China, green finance is increasingly high on the policy and regulatory agenda.

Increased UK-China collaboration could help speed up the growth of the global green bond market and the green aspects of the financial system. The City of London Corporation will be hosting a landmark Green Finance Summit at Guildhall in January 2017.

Speaking at a green finance roundtable held today at London’s Guildhall, Sir Roger Gifford, Former Lord Mayor and chairman of the City of London’s Green Finance Initiative said:

“The commitment of the City and the wider UK to the development of deep, liquid and robust green capital markets and to the provision of a full spectrum of green financial and professional services remains undimmed.

“Commitments made by the G20 countries were powerful policy signals every bit as important as the two-degree ceiling set out at COP21 last year. The City of London fully endorses the G20’s call-to-arms, and we are confident that the financial and professional services sector here in London will respond accordingly – indeed, it has already been doing so through the work of the GFI, the Climate Bonds Initiative and others.

“London is host to a world-leading cluster of green financial services, from climate-related insurance and green project financing to clean tech innovation and carbon disclosure initiatives. It will continue to play a leading role in the globalisation of green finance.”

Economic Secretary to the Treasury, Simon Kirby said:

“Green finance is key to securing a low carbon future that delivers economic growth, both in Britain and abroad.

“London is the world’s leading green finance hub and is already the partner of choice for the world’s fastest growing economies.

“Making sure Britain is well placed to capitalise on this huge opportunity as the sector develops is a government priority and central to our plan to ensure the UK remains open for business and is an attractive place for foreign investment.”