Leeds and London are to become ‘global centres of green finance‘ after being awarded with £10 million of new investment.
The government funding will help set up the UK Centre for Greening Finance and Investment, which is expected to enter operation in April 2021, with physical hubs in Leeds and London scheduled to open several months later.
The project will be led by a partnership with a number of UK institutions including the University of Oxford, the University of Leeds and Imperial College London and aims to help banks, lenders, investors and insurers make more sustainable investment and business decisions by providing them with better climate and environmental data.
It will also work to create new products and services to help tackle climate change and adapt to its impacts, in order to protect the UK from risks such as extreme weather events, flooding, major biodiversity loss and water shortages.
Energy and Clean Growth Minister Anne-Marie Trevelyan said: “Climate change is the biggest issue that we need to tackle to protect our planet for our children and grandchildren. While the government has invested billions of pounds so we can end the UK’s contribution to climate change, we will not reach our net zero target without mobilising private capital and unleashing the power of the free market.
“The UK Centre for Greening Finance and Investment in London and Leeds will encourage financial services to turn the tide of their investments and focus on sectors and companies that have a smaller environmental footprint. Doing so will support industries and businesses to develop clean green innovations, creating thousands of jobs across the country – ensuring we build back greener.”