Financing roadmap for net zero transition to be launched at Green Horizon Summit

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The Green Horizon Summit, hosted by the City of London Corporation and Green Finance Institute, and supported by the World Economic Forum, has kicked off today (9-11 November).

It brings together CEOs, policymakers and governments to focus on the practical solutions and financial innovation necessary to create a resilient and sustainable future for the global economy.

Speaking at the Summit, Mark Carney, the Prime Minister’s Finance Advisor for COP26 and UN Special Envoy for Climate Action, will set out the progress the financial sector is making to help solve the climate crisis and what more needs to happen on the road to COP 26.

This includes publishing the comprehensive Private finance Strategy for COP 26, which builds the framework so that every financial decision takes climate change into account.

Mr Carney said: “Achieving the net zero will require a whole economy transition, involving every company, bank, insurer and investor, and creating the greatest commercial opportunity of our time.

“Private finance will play a critical role in funding the initiatives and innovations of the private sector and helping companies realign their business models for net zero. Our priority for COP 26 is to build this market in the transition on the pillars of comprehensive climate reporting, better climate risk management, and optimisation of returns.

“Progress has been considerable and momentum is growing. It is within our grasp to create a virtuous cycle of innovation and investment for the net zero world that people are demanding and that future generations deserve. Let’s seize it.”

The Green Horizon Summit will tackle the other critical areas where finance needs to focus ahead of next year’s COP26 conference in Glasgow. They include a consultation on how to scale voluntary carbon markets and guidelines on how to support green investment in emerging markets.

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Also set to feature at the international event will be how private finance can work with government to ensure that green growth is able to boost the post-Covid global recovery.

More than a hundred of the most influential UK and global financial, political and business leaders are to participate in debates at the Green Horizon Summit.

They include HRH The Prince of Wales, the UN Secretary General Antonio Guterres and Christine Lagarde, the President of the European Central Bank.

Senior international business figures include Larry Fink, Chairman and CEO of Blackrock, Bill Gates, Mike Bloomberg as well as the Chief Executives of HSBC, Barclays and Standard Chartered Banks.

The three day event is being livestreamed at greenhorizonsummit.com. The agenda for each day of the event as well as further details on the sessions and the individuals taking part can also be found on the summit website.

Policy Chair of the City of London Corporation, Catherine McGuinness, said: “The City is driving forward the transition to net zero. As one of the world’s leading financial centres, it is our responsibility to support the fight against climate change by accelerating the finance needed for this transition by following the Private Finance Strategy for COP26.

“London’s spirit of innovation and depth of expertise make it a key ally as we look to green the global financial system through improved climate disclosures, more effective risk management, better forward-looking metrics, and connecting capital to investable projects in emerging markets.”

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