The report Accelerating Green Finance suggests that the creation of a new Green Finance Institute will act as a ‘one-stop-shop’ for all work relating to the sector – from international engagement to green fintech, climate and data science. It also recommends that Government should issue a green sovereign bond to help fund a number of national green projects, including the UK’s flood defence and resilience.
The global low carbon transition will redefine the UK economy. From the largest infrastructure projects to the fabric of our homes, the transition creates a huge opportunity for the UK to lead the world in cutting emissions while driving growth. The UK’s status as host to a world-leading financial services centre means that the UK has the chance to seize the economic opportunities that green finance offers. In September 2017, the Government asked leading finance expert and former Lord Mayor of the City of London Sir Roger Gifford to chair an independent taskforce to look at how the UK could fulfil this vision, looking at what systems and structures are needed to make it a reality.
The Taskforce has worked with over 140 organisations across the finance and energy sector, and today, has provided a number of recommendations to Government about policy changes needed to make green finance an integral part of our financial system These include:
- Boosting investment into innovative clean technologies
- Driving demand and supply for green lending products
- Setting up Clean Growth Regeneration Zones
- Improving climate risk management with advanced data
- Building a green and resilient infrastructure pipeline
- Issuance of a sovereign green bond – debt security issued by a national government