Friday 22 June 2018

UK to establish Green Finance Institute and skills taskforce

Chancellor Philip Hammond has unveiled plans to establish a new Green Finance Institute to champion sustainable finance in the UK and abroad.

It will be jointly funded by the government and the City of London Corporation to develop the nation’s green finance market and mobilise investments in meeting global climate goals.

Plans to develop the Institute were part of the Green Finance Taskforce’s recommendations earlier this year.

Mr Hammond said: “The UK is already leading the charge in this market – with nearly 80 green bonds raising more than $24 billion [£18bn] across seven currencies. But if we are to collectively meet our global climate goals, we will need to mobilise $90 trillion [£68bn] by 2030. And it is my ambition that the UK leads the world in financing this investment.

“I can announce we are establishing a new Green Finance Institute here in London…so that firms from across the world can access our one-stop-shop for world-leading climate science and for capital.”

He also announced plans to establish a Financial Services Skills Taskforce – chaired by former City Minister Mark Hoban - to ensure the sector continues to have access to the future talent it needs.