Lord Mayor of the City of London William Russell has warned the finance industry “cannot afford to hold back” at the UN Climate Change Conference COP26 this week, adding that “if the world does not act together on emissions, the effects will be devastating.”

Speaking in Glasgow at the hybrid Green Horizon Summit – organised by the City of London Corporation and the Green Finance Institute – the Lord Mayor addressed an audience of senior leaders from financial and professional services and told them “the stakes could not be higher.”

The event brings together the world’s leading financial institutions to find answers to questions holding back the growth of green finance and its role in getting the world to net zero emissions. Topics being discussed include barriers to accelerating the mobilisation of capital, financing both transition and growth, and how to price carbon and nature. The summit will also discuss how to mobilise investment into emerging and developing economies.

Speaking at the Green Horizon Summit, Lord Mayor of the City of London William Russell said:

“The Glasgow Financial Alliance for Net Zero now represents firms with around $100 trillion of global assets-under-management. We have built a massive pool of capital ready to be deployed to tackle the climate crisis.

“We must channel this capital into real-world projects, that can drive the green revolution in time not just for 2050 but for 2030. We can deliver both transition and growth, and transform emerging and developing economies. It is also the business opportunity of a generation.

“And finally, finance will need a global carbon price, and is looking to COP26 for a pathway. A proper value - and a price - for nature cannot be far behind.

“This is the time to be bold. The stakes will be high, as well as the risks and the returns. But private finance cannot afford to hold back. There is no road to prosperity through high emissions – for the financial world or for anyone else.

“Money talks, and its message is “go green or go home”.

“Together we have the tools, the capital and the will. The City of London will be your partner in finding and funding the solutions the world needs.

“And I am confident that the future’s bright, the future’s green.”

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

ENDS