New Delhi: As economies around the world look to bounce back from the impact of the global pandemic, sustainable and greenfinanceisa key factor that could help drive economic recovery and mitigate the effects of climate change. Among the leading global financial centresdriving forward the sustainability agenda is London.
According toZ/Yen’s recent Global Green Finance Index (GGFI),the UK capital has maintained its position as one of the top five Western European financial centres for green finance.While financial centres in the AsiaPacific and North American regions closely compete with those in Western Europe in the rankings this year, Western Europe continues to dominate the top 10 centres in the index.
The City of London think tank surveyed 78 financial centres around the world, accessing the depth and quality of their green finance offerings. In Western Europe, London takes third place ahead of Paris and Brussels and closely behind Amsterdam and Zurich.
The UK launched its Green Finance Strategy in 2019 to align the country’s financial flows with clean, environmentally sustainable, and resilient economic growth. Since then, the Strategy has been driving forward the mainstreaming of green finance in the UK and abroad through various investments, like the establishment of the Green Finance Institute and the£1 billion Net Zero Innovation Portfolio.