Posted by Richard Woodman, Partner
Putting the UK on the map as a world leader in green global finance
Energy Minister Anne-Marie Trevelyan this week announced the Government’s plan to set up a Centre for Greening Finance and Investment (CGFI), supported by £10 million of funding from UK Research & Innovation. The intention is for this organisation to have a joint physical presence “research hubs” in London and Leeds.
The research hubs will aim to provide world-class data and analytics, through a partnership of numerous prestigious UK institutions, including the universities of Oxford, Leeds, and Imperial College London, as well as the Alan Turing Institute and the Science and Technology Facilities Council.
The CGFI will seek to encourage investment in clean technology and provide support to green projects and initiatives, as well as equip lenders, investors, insurers, and companies of all sizes to anticipate and adapt to the challenges brought about by climate change.
In addition to its focus on intelligence gathering, it is anticipated that the CGFI will also assist with the design and creation of equipment and technologies to promote a greener world, such as storm and flood risk measurement equipment, and data collection technology to measure pollution levels.
The announcement of the CGFI follows the wider vein of the Prime Minister’s 10 point plan to bring about a green “industrial revolution”, announced in November 2020. One of the key features of this plan was the intention to make the City of London a global centre for green finance. The CGFI is a stride in the right direction.
Richard Woodman, Head of Financial Services, Royds Withy King comments, “We have already seen the Government announce its plans last year to introduce a green sovereign bond, due to be issued at some point in 2021, as well as the release of its long-awaited Energy White Paper in December 2020. The Government’s overarching objective seems clear: to put the UK on the map as a world leader in greening global finance”.
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