The capital is set to become home to the UK’s first “Centre for Greening Finance and Investment”, it has been announced.
The Government said the hub will equip financial institutions, such as banks, lenders, investors and insurers, with data and analytics to support investment in green start-ups and other ventures that could help tackle climate change.
The London centre could also help attract and develop “new green finance talent” from around the world, the report adds.
The plans come after research revealed that investors regularly miss out on green investment opportunities as they lack the access and understanding of clean energy solutions and their potential commercial benefit.
The £10 million project forms part of the Government’s Energy white paper, which aims to create thousands of jobs by reaching net zero emissions by 2050.
Revealing the plans, the Department for Business, Energy & Industrial Strategy (BEIS) said a Centre for Greening Finance and Investment will also open in Leeds to serve the Northern Powerhouse.
“The UK Centre for Greening Finance and Investment in London and Leeds will encourage financial services to turn the tide of their investments and focus on sectors and companies that have a smaller environmental footprint,” said Energy and Clean Growth Minister Anne-Marie Trevelyan.
“Doing so will support industries and businesses to develop clean green innovations, creating thousands of jobs across the country – ensuring we build back greener.”
Welcoming the plan, Lord Mayor of the City of London William Russell added: “As we look to build a more resilient post-pandemic global economy, it’s clear that it must also be a more sustainable one. The demand across the sector for deep expertise in the green finance space – such as that which will be provided by the CGFI – demonstrates that the UK is well-placed to take advantage of this opportunity. I’m therefore delighted that the CGFI will introduce a new layer of innovation to the City of London in sustainable finance.”
Construction of both hubs will begin in April this year.
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