UK unveils green finance drive

The UK government will unveil new measures later today to accelerate investment in green technologies.

Climate Change Minister Claire Perry (pictured) will announce the establishment of a green finance task force at the opening ceremony of Climate Week in New York.

The taskforce will bring together a team of financial experts, including representatives from Aviva, Barclays, HSBC, Green Investment Group, Legal & General and the Bank of England, as well as academics and sustainability experts.

It will be chaired by Roger Gifford, former Lord Mayor of London, and will be given six months to deliver proposals to accelerate investment in the transition to a low carbon economy. 

The government will also work with the City of London’s green finance Initiative and the British Standards Institute to develop a set of voluntary standards to promote responsible investment practices.

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 government is also officially endorsing recommendations published by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures and is encouraging all listed companies to implement the voluntary framework to align climate-related risk management and financial governance. 

Image: Claire Perry (Conservative Party)