UK-China cooperation on Green Finance set to be enhanced

The Green Finance Institute has received a boost after the City of London Corporation agreed to provide £2 million in funding for three years as the new body prepares to launch next year.

The funding, which was agreed by the City Corporation's Policy and Resources Committee, will be matched by the Government.

[File Photo: VCG]

The Green Finance Institute is set to champion green and sustainable finance in the UK and overseas. In a statement the Institute said that they hope to enhance "London's position as a world leader in this field by bringing together the private and public sector to develop new opportunities".

The Global Commission on the Economy and Climate Change has estimated around $93 trillion of global infrastructure investment between 2015 and 2030 will need to be green in order to meet climate change commitments. The green bond market grew by 78% between 2016 to 2017, to $155 billion in green bond issuances.

Earlier this year, partnership between China and the UK in green finance received a £2 million boost.

This was due to the British Department for Business, Energy and Industrial Strength allocating funds for technical assistance activities in green finance in China.

At a meeting in Beijing in March, the Lord Mayor of the City of London, Charles Bowman and Dr. Ma Jun Chair of the China Green Finance Committee, announced the establishment of a UK-China Green Finance Centre.

"We are delighted with this UK Green finance initiative led by City of London" said, Dr Ma Jun, Chair of the Green Finance Committee. "The UK and China partnership in green finance has been crucial to drive this agenda globally".