London leads fight against climate change with Green Finance Summit
The City of London Corporation will tomorrow (2 July) host the Green Finance Summit in London’s historic Guildhall, coinciding with London Climate Action Week.
The conference will bring together more than 1000 delegates from across the globe to discuss and debate developments in green financial policy, market developments and thought leadership.
Tomorrow will also mark the launch of the new Green Finance Institute, which is jointly funded by the City of London Corporation and HM Government. As the principal forum for public and private sector collaboration in green finance, it is uniquely placed to accelerate the domestic and global transition to a zero-carbon and climate-resilient economy through the mobilisation of capital. Dr. Rhian-Mari Thomas OBE was recently appointed the Institute’s first CEO.
Senior speakers at the Summit will include: Hoesung Lee, Chair of the Intergovernmental Panel on Climate Change; John Glen MP, the Economic Secretary to the Treasury; António Horta-Osório, CEO of Lloyds Banking Group; Mary Robinson, Chair of The Elders; Peter Estlin, Lord Mayor of the City of London; Catherine McGuinness, Policy Chair at the City of London Corporation.
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. 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.
Sir Roger Gifford, Chair of the Green Finance Institute, who is speaking at the Summit, said: “The UK is leading the fight against the global climate emergency having been the first major economy to commit to reach net zero carbon emissions by 2050.
“Considerable investment will be required to enable this and London is uniquely positioned as a global centre for environmental finance. The new Green Finance Institute will play an important role in catalysing this transition both in the UK and overseas."
John Glen MP, the Economic Secretary to the Treasury, who will be unveiling the Government’s Green Finance Strategy, added: “This week’s summit is a vital opportunity for the industry to come together and consider how it can help tackle climate change and protect our environment.
“This is a top priority for the Government and our Green Finance Strategy will set out plans to increase investment in more sustainable projects, with initiatives like the Green Finance Institute playing a key role in ensuring the UK remains a world leader in this area.”
The Summit’s headline sponsor is Lloyds Banking Group, while silver sponsors include Ashurst, JP Morgan Chase, Macquarie Capital and Green Investment Group.
António Horta-Osório, CEO of Lloyds Banking Group, said: “As the UK’s largest bank, working together with our customers, we can help change how the UK spends and invests its money; making it work harder for all of us and generations to come by investing it sustainably and responsibly. A good investment shouldn’t be at the expense of our planet. That’s why we are building on our pledge to help Britain prosper, by supporting the transition to a low carbon economy and working in partnership to make homes, vehicles, businesses, pensions and investments, loans and insurance more sustainable.”
Anna-Marie Slot, Partner at Ashurst, said: “The Green Finance Summit and the launch of the Green Finance Institute is a landmark moment in the fight against climate change in the UK. At Ashurst we bring our legal expertise to clients engaging in sustainable opportunities. However, if we are to get anywhere close to the Paris Climate Agreement targets, we need more investment. We welcome the opportunity to play a role in leading the dialogue on how to accelerate sustainable investment growth, in the UK and globally.”
Matt Arnold, Global Head of Sustainable Finance at JPMorgan Chase, said: “We are pleased to support the Green Finance Summit as part of JPMorgan Chase's commitment to advancing sustainable solutions for our clients and within our own operations. We look forward to sharing best practices and insights to promote positive environmental and social outcomes, including the transition to a lower-carbon economy.”
Ed Northam, Head of Green Investment Group Europe, said: “London has long been recognised as a leading global financial centre, and is now making its mark as a centre of excellence for green finance. It’s important we keep this momentum going - the new Green Finance Institute and Strategy will have a huge role to play in unlocking the scale of investment required to transition the world to a greener global economy.
“The Green Finance Summit has already become the landmark event for sustainable finance in the UK, and Green Investment Group is proud to be a part of this event for the second year running.”
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
About the Green Finance Institute
The Green Finance Institute (GFI) is an independent, commercially focused organisation, supported by HM Treasury, the Department for Business, Energy and Industrial Strategy 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 accelerate the domestic and global transition to a zero-carbon and climate-resilient economy through the mobilisation of capital. The GFI 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 www.gfi.green and follow @gfi_green.