Government launches taskforce to make the UK a global hub for green finance

The government has set out a plan to establish a taskforce aimed at accelerating the growth of green finance in the UK.

Speaking at the opening ceremony of Climate Week in New York, climate change minister Claire Perry said the UK aims to be a global hub for green finance, and proposals announced today include developing the world’s first green financial management standards with the British Standards Institute.

An estimated $13.5 trillion of investment is needed between 2015 and 2030 in the energy sector alone for countries to meet their Paris Agreement targets. Much of this investment will come from the private sector, and the Department for Business, Energy and Industrial Strategy (Beis) wants to use the UK’s green finance capabilities to provide a national economic boost.

“Britain has already shown the world that a strong economy and efforts to tackle climate change can, and should, go hand in hand. Now is the time to build on our strengths and cement our position as a global hub for investment in clean growth,” Perry said.

“The transition to a low carbon economy is a multi-billion pound investment opportunity and a key part of this government’s industrial strategy. Developing standards to promote responsible investment in sustainable projects and establishing the green finance taskforce will help ensure businesses across the UK take full advantage of it.”

The taskforce will include leading figures from Aviva, Barclays, HSBC, Green Investment Group, Legal & General and the Bank of England, as well as academics and sustainability experts.

Chaired by Sir Roger Gifford, former Lord Mayor of London, the group will be given six months to deliver proposals to accelerate investment in the transition to a low carbon economy, creating high-value jobs and opportunities for UK businesses.

It will examine a range of interventions, from making infrastructure investment more sustainable to scaling-up green mortgages, Beis said.

“Financial services are a British success story and the sector has the power to drive green and sustainable development,” said economic secretary to the Treasury Stephen Barclay.