LONDON, July 2 (Xinhua) -- The United Kingdom (UK) government unveiled its green finance strategy on Tuesday, urging the financial sector to take the lead in developing a greener economy to help meet the ambitious greenhouse gas emission target the country has set for mid-century.
Announced during the Green Finance Summit in London, the strategy sets out plans to increase investment in sustainable projects and infrastructure, while ensuring the UK remains an international leader in decarbonisation and meets its net zero carbon emissions target by 2050.
"The City of London has a vital role to play in securing a greener future for us all. By investing more in sustainable projects it can not only protect our environment, but also help establish London as the pre-eminent international center for green finance," John Glen, Economic Secretary to the Treasury, said when addressing the summit.
In a further move to accelerate growth of green finance, the Green Finance Institute, jointly funded by the City of London Corporation and the UK government, was also launched during the event. It is hailed as a "new and exciting" step in UK's long history of leadership of tackling climate change.
The institute will champion sustainable finance in the UK and abroad, boost cooperation between the public and private, create new opportunities for investors, and strengthen the UK's reputation as a global hub for green finance.
London is currently a world leading center for green finance, with 100 green bonds from 16 countries raising more than 26 billion U.S. dollars, according to the City of London Corporation.
The Global Commission on the Economy and Climate Change, a major new international initiative to examine the economic risks and opportunities arising from climate change, estimates around 93 trillion dollars of global infrastructure investment between 2015 and 2030 will need to be green in order to meet climate change commitments.
