Friday 4 August 2017

Hammond launches UK-Brazil green finance alliance

Chancellor Philip Hammond has launched a UK-Brazil green finance partnership in Sao Paolo.

It was one of a series of new agreements unveiled during his visit to Brazil to showcase British business and deepen trade and economic ties with Latin America's biggest economies.

In a joint statement, the two nations state they both believe scaling up green financing is necessary to support environmentally sustainable global growth.

They also recognise the important role the UK's green finance sector can play in directing resources in support of Brazil's green investments, with London bringing together expertise in financing, underwriting, legal and consultancy services.

The new partnership will be supported by the City of London Green Finance Initiative and Brazil Council for Sustainable Market Development.

Mr Hammond said: “There is a clear imperative for the UK, with the world’s leading global financial centre and Brazil, with a passionate commitment to sustainability and a huge appetite for infrastructure investment, to join forces, thereby ensuring capital flows into much-needed sustainable projects.

“This partnership will be crucial to deepening sustainable development ties between our two countries; driving innovation and thought leadership and ultimately scaling up green capital flows.”