The Lord Mayor of the City of London William Russell has called on India to participate in discussions on climate financing at the UN Climate Change Conference – better known as COP26 – taking place in Glasgow next month.

Speaking at the Federation of Indian Chambers of Commerce & Industry [FICCI] Thematic Businesses Forum on Climate Change at the World Expo in Dubai on Tuesday [4 October 2021], the Lord Mayor will urge Indian stakeholders to register for the upcoming hybrid Green Horizon Summit at COP26, which the City of London Corporation is holding alongside the Green Finance Institute.

The Summit will bring together figures from the financial and professional services sector across the world to discuss how best to mobilise finance in the transition to net zero emissions. It will look at a number of crucial topics, including barriers to accelerating the mobilisation of capital, financing both transition and growth, and how to price carbon and nature. It will also discuss how to mobilise investment into emerging and developing economies like India.

In his speech, Lord Mayor William Russell will say:

“Our window to act is finite and closing quickly.

“That’s why I am calling for action, action now and action through COP26 later this year.

“I believe we all have it within ourselves to be part of the solution and create a sustainable foundation for our society.

“The UK and India are great partners – which has been proved time and time again.

“And I believe that if we embrace the opportunity ahead of us, we can tackle climate change and build a world which will support us for centuries to come.”

His remarks follow an announcement by the City Corporation of its support for Bloomberg’s Climate Finance Leadership Initiative (CFLI), co-chaired by Macquarie and Tata Group and supported by governments on both sides. It aims to drive capital into India through public, private, and multilateral initiatives to help the country meet its 2015 Paris Agreement commitments, which include a pledge to reduce emissions intensity of GDP by 33-35% by 2030.

The City Corporation has a longstanding programme of work in India, and opened a representative office in Mumbai 13 years ago. More than 15 Indian financial firms have offices in London and many have branches across the UK.

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