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London champions green finance on global stage: report

Xinhua, November 12, 2016 Adjust font size:

Britain leads the world in green finance because of the City's mix of expertise and innovation, according to a report published by the City of London Corporation's Green Finance Initiative on Friday.

The report, produced by PricewaterhouseCoopers and commissioned by the City of London Corporation, shows what a globalized green financial sector might look like and the steps required to get there.

It aims to help British policymakers prioritize the green agenda, and stimulate wider discussion about the opportunities and challenges associated with green markets.

Green finance can fund any means of reducing carbon emissions or raising resource efficiency. The G20's Green Finance Study Group defines the sector more specifically as the "financing of investments that provide environmental benefits in the broader context of environmentally sustainable development."

It is key to meeting the huge demands on investment being created by the world's transition towards a low-carbon economy, the report said.

Global green bond issuance so far this year has totaled 65.4 billion U.S. dollars, and there are 39 green bonds issued and listed on London Stock Exchange, raising in excess of 9.3 billion U.S. dollars in seven currencies, it added.

The report highlights how and why the Britain leads the global green finance sector, helping facilitate the global low-carbon transition, and makes a series of recommendations for the British government and business to help grow the sector.

Economic Secretary to the Treasury Simon Kirby said: "This report sets out a vision to make the UK's world-leading green finance sector even more vibrant, innovative and global. There is a real opportunity to deliver a greener economy through financial markets and we will make sure the UK remains at the forefront of that effort."

Sir Roger Gifford, chairman of the City of London's Green Finance Initiative, said: "I believe the recommendations put forward in the report, when enacted, will really help the sector become a gamer-changer in realizing its full market potential."

Jon Williams, financial services sustainability partner at PwC, said: "The work of the Green Finance Initiative, and the vision and recommendations in this report, set out the blueprint and building blocks to make this a reality, and show that green and growth belong in the same sentence."

The report was launched at a conference in the Square Mile on the future of Green Finance co-hosted by HM Treasury and the City of London's Green Finance Initiative.

The Green Finance Initiative was launched in January 2016 to promote London's status as a leading global centre for green financial and professional services, advocate for specific policy and regulatory developments and provide leadership on issues relating to market impediments and opportunities. Endit