The UK’s financial services sector must lead the way in securing a greener future for the country.
That’s the call to action City Minister John Glen is to make when he speaks at the third Green Finance Summit in London later today.
He suggests the sector will have a bigger role to play than any other industry in achieving climate change targets and reaching a net zero economy by 2050. as the government has outlined.
Mr Glen believes London has the opportunity to become the go-to hub for green investment and will outline how this can be done through a new Green Finance Strategy. which will set out how publicly-listed companies and asset owners should disclose their climate impacts by 2022.
The plan will see government work with regulators to find the most effective way of doing this and to see if transparent disclosure should become mandatory.
The Minister will also announce how the government is to jointly fund the Green Finance Institute with the City of London to enable greater cooperation between the public and private sectors and create new investment opportunities.
He will explain the role of the £5 million Green Home Finance Fund. which is to help pilot sustainable finance offerings such as green mortgages to enable energy efficiency retrofits. as well as launch the Green Finance Education Charter to make sure financial qualifications and certificates adequately cover eco-related issues.
Mr Glen suggests financial regulators must have regard for climate change when going about their business and notes the government will work with the private sector to finance the phase-out of coal power and align aid spending with the Paris Agreement.
The City Minister said: The UK has a long history of leading the way in tackling climate change but we need to do more to protect our planet for future generations.
The City has a vital role to play in securing a greener future for us all. By investing more in sustainable projects it can not only protect our environment but also help establish London as the pre-eminent international centre for green finance.