With a year to go until COP26 takes place in Glasgow, the City of London Corporation and Green Finance Institute, supported by the World Economic Forum, is to host the Green Horizon Summit (9th-11th November).
It brings together CEOs, policymakers and governments to focus on the practical solutions and financial innovation necessary to create a resilient and sustainable future for the global economy.
Speaking at the Summit, Mark Carney, the UK Prime Minister’s Finance Advisor for COP26 and UN Special Envoy for Climate Action, will set out the progress the financial sector is making to help solve the climate crisis and what more needs to happen on the road to COP 26. This includes publishing the comprehensive Private finance Strategy for COP 26, which builds the framework so that every financial decision takes climate change into account.
Mark Carney said “Achieving the net zero will require a whole economy transition, involving every company, bank, insurer and investor, and creating the greatest commercial opportunity of our time.
Private finance will play a critical role in funding the initiatives and innovations of the private sector and helping companies realign their business models for net zero. Our priority for COP 26 is to build this market in the transition on the pillars of comprehensive climate reporting, better climate risk management, and optimisation of returns.
Progress has been considerable and momentum is growing. It is within our grasp to create a virtuous cycle of innovation and investment for the net zero world that people are demanding and that future generations deserve. Let’s seize it”
The Green Horizon Summit will tackle many of the other critical areas where finance needs to focus ahead of next year’s COP26 conference in Glasgow. They include a consultation on how to scale voluntary carbon markets and guidelines on how to support green investment in emerging markets.
Also set to feature at this international event will be how private finance can work with government to ensure that green growth is able to boost the post-COVID global recovery.
More than a hundred of the most influential UK and global financial, political and business leaders are to participate in debates at the Green Horizon Summit.
They include HRH The Prince of Wales, the UN Secretary General Antonio Guterres and Christine Lagarde, the President of the European Central Bank.
Senior international business figures include Larry Fink, Chairman and CEO of Blackrock, Bill Gates, Mike Bloomberg as well as the Chief Executives of HSBC, Barclays and Standard Chartered Banks.
The three day event is being livestreamed at www.greenhorizonsummit.com. The agenda for each day of the event as well as further details on the sessions and the individuals taking part can also be found on the summit website.
692nd Lord Mayor of London William Russell said: “With one year to go until COP26, we mustn’t lose sight of the challenge – and opportunity – that the green transition can bring. That’s why the Green Horizon Summit is such a vital moment, as we bring governments and financiers together to accelerate progression towards a more sustainable global economic system.
The UK’s innovation in green finance - as well as its deep pools of capital and its expertise in areas such as infrastructure investment - mean it is well-placed to support that transition, including the Private Finance Strategy for COP26 outlined by Mark Carney today.”
Policy Chair of the City of London Corporation Catherine McGuinness said: “The City is driving forward the transition to net zero. As one of the world’s leading financial centres, it is our responsibility to support the fight against climate change by accelerating the finance needed for this transition by following the Private Finance Strategy for COP26.
London’s spirit of innovation and depth of expertise make it a key ally as we look to green the global financial system through improved climate disclosures, more effective risk management, better forward-looking metrics, and connecting capital to investable projects in emerging markets.”
Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum said: “Public-private cooperation has never been needed more. Convening global leaders of finance, business, government and civil society at the Green Horizon Summit is an opportunity find innovative ways to transition to net zero. Steering a more inclusive and sustainable global economic recovery and addressing the bio-diversity crisis are top priorities of a much-needed Great Reset.”
Chief Executive, Green Finance Institute, Dr Rhian-Mari Thomas said: “Aligning global finance to support a net zero carbon economy will require investable real economy policies, supportive regulation, and creative financial solutions that mobilise capital at the local level.
The Green Horizon Summit provides a global platform to promote the collaboration and knowledge sharing that is so critical to accelerating this agenda.”
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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. For more information visit cityoflondon.gov.uk and follow @CityofLondon
About the Green Finance Institute
The Green Finance Institute is an independent, commercially focused organisation, supported by Her Majesty’s Treasury, the Department for Business, Energy and Industrial Strategy, the Foreign, Commonwealth and Development Office and the City of London Corporation. As the UK’s principal forum for public and private sector collaboration in green finance, it is uniquely placed to mobilise capital to accelerate the domestic and international transition to a sustainable, net-zero carbon economy that is also climate resilient. The Green Finance Institute convenes and leads mission-led coalitions to identify and unlock barriers to deploy capital at pace and scale towards impactful, real-economy outcomes. For more information visit greenfinanceinstitute.co.uk and follow the Institute on Twitter and LinkedIn.
About the World Economic Forum
The World Economic Forum is the International Organization for Public-Private Cooperation, engaging the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. It is independent, impartial and not tied to any special interests. The Forum’s Platform for Global Public Goods brings together over 140 leading companies and 50 governments, institutions and civil society organisations to advance and scale collaboration on climate action and nature-based solutions, including activities such as the Mission Possible Platform in collaboration with the Energy Transition Commission; The Tropical Forest Alliance and the Nature Action Agenda. For more information visit weforum.org or follow @wef