The Net Zero Delivery Summit set to launch

The City of London Corporation, in association with the COP 26 UK Presidency 2022, announce the launch of the Net Zero Delivery Summit at the Mansion House, London, on 11th and 12th May 2022.

This international summit, delivered at the halfway milestone between COP 26 in Glasgow and COP 27 in Sharm El-Sheikh, will focus on net zero delivery and the progress of key priorities for finance agreed at COP 26 in Glasgow.

COP26 attracted unprecedented presence and engagement from the financial and professional services (FPS) sector, with the UK and City leading on the commitment to realign trillions of dollars towards global net zero. Almost 200 countries agreed to the Glasgow Climate Pact which aims “to keep 1.5C alive” and complete the Paris Agreement, by accelerating action on climate this decade.

In Glasgow, countries agreed the way forward for the new post-2025 climate finance goal with up p to $130tn of private capital committed to reaching net zero by 2050.

The Net Zero Delivery Summit will evaluate the progress made so far, set new milestones, and accelerate on delivery.

These critical discussions, held over two days, will take place against a backdrop of Russia's illegal invasion of Ukraine and rising geopolitical tensions across the world. Senior international policymakers, experts and Ministers will address what the current challenge to energy security and disruption to supply chains means for the net zero agenda and its implementation; how FPS is supporting net zero delivery across the wider economy; and how finance is being effectively mobilised to support the net zero transition in emerging markets, to build climate resilience in developing countries and secure a just transition to net zero.

Hosted by The Lord Mayor of London, Vincent Keaveny, with participation from the COP 26 and the Glasgow Financial Alliance for Net Zero (GFANZ) leadership, as well as FPS and business leaders, the summit will commit to driving three objectives:

·                     Maintain momentum on key policy initiatives for finance from COP 26;

·                     Present as best practice, the role of FPS in helping the wider economy achieve net zero;  

·                     Secure London’s role as a strategic leader on sustainable finance.

Speakers include, John Kerry, Special Presidential Envoy for Climate, Alok Sharma, MP, and COP 26 President; Mark Carney, Co-Chair of GFANZ and UN Special Envoy for Climate Action and Finance, Mary Schapiro, Vice Chair and Head of the Secretariats for GFANZ and Task Force on Climate-related Financial Disclosures, Nili Gilbert, Vice Chair Carbon Direct, Nigel Topping, High Level Champion for Climate Action COP 26, and many others

John Kerry, Special Presidential Envoy for Climate said: “To reach our climate goals and secure a cleaner, healthier, safer planet we need a fundamental shift in finance flows so they align with the benchmarks in the Paris Agreement.  No government on earth can fully fund the trillions of dollars necessary to reach these goals, including for our clean energy transition, but with help from GFANZ and the other leaders, we can show clear signs that we are moving in the right direction—not in five or ten years, but now.”  

Alok Sharma, COP26 President, said: “Delivering finance is a critical part of climate action and a priority for the UK COP26 Presidency as we work to progress the Glasgow Climate Pact.

“Business leaders and governments must continue to work together to enable finance to flow and reach those who need it the most. 

“The City of London has a huge role to play in this as a global net zero-aligned financial centre, helping to reach our climate goals and keeping the aim of limiting global warming to 1.5C alive.”

Mark Carney, Co-Chair of GFANZ and UN Special Envoy for Climate Action and Finance, said: “It’s critical that we maintain the momentum and ambition established at COP26. Through continued collaboration between the public and private sectors, we can accelerate the transition to a net zero economy. Building on London’s role as the centre of international and sustainable finance, this summit can drive the shift from ambition to action the world needs on the path to net zero.”

Vincent Keaveny, the Lord Mayor of London said: “As we reach the halfway point between COP26 and COP27, it’s vital that we take stock of the progress made so far and set new milestones.

“Here in London the financial services sector has a crucial role to play in helping to mobilise the private capital needed for the developing world’s march towards NetZero.

“At COP26 up to $130tn of private capital was committed to hitting net zero emissions targets by 2050, from more than 450 banks, insurers and asset managers across 45 countries. As we approach the African COP it’s now time to put these pledges into  action.”

An audience of two hundred senior FPS and business leaders will attend the summit at Mansion House, with a simultaneous broadcast from www.netzerodeliverysummit.com where you can find the full agenda and speakers.

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      @cityoflondon

COP 26 Presidency The UK now holds the Presidency until COP27 later this year. There is crucial work to be done as we spend the coming months working with governments and organisations to make sure they deliver on the Glasgow Climate Pact, turning momentum into action. https://ukcop26.org/

The Glasgow Financial Alliance for Net Zero (GFANZ)

GFANZ is a practitioner-led, global coalition of financial sector institutions and their sector-specific alliances working together to accelerate the world’s transition to net-zero greenhouse gas emissions by 2050 and achieve the objective of the Paris Agreement to limit global warming to no more than 1.5 degrees C. https://www.gfanzero.com

For media enquiries for the Net Zero Delivery Summit: nzds@cityoflondon.gov.uk  / +44 (0) 7770 381303