The Paradox of Green Finance
Tim Nixon, Chief Communications Officer, Global Head of Partnerships and Policy, Constellation Research. There are two seemingly impossible things happening at the same time. One, on a steady...
Dr Rhian-Mari Thomas, former Global Head of Green Banking, Founder and Chair of the Green Banking Council at Barclays, has today been appointed as the first Chief Executive Officer for the Green Finance Institute, which will be officially launched on 2nd July at the City of London Corporation’s third annual Green Finance Summit.
The Institute, which is jointly funded by the City of London Corporation and HM Government, will champion sustainable finance in the UK and abroad. It will look to accelerate the greening of the global financial system and enhance London’s position as a world leader in this field by bringing together the private and public sector.
In a first for the sector, the Institute will mobilise green finance missions to accelerate sector-specific transitions to a low-carbon future. These missions will draw on actors across the green finance landscape – from government to finance and industry.
Catherine McGuinness, Policy Chair at the City of London Corporation, said:
The new Green Finance Institute will play a critical role in catalysing this important agenda both in the UK and overseas. The City Corporation is working in close partnership with the Government so that the Institute builds on the UK’s existing green finance offer and ensure we remain at the cutting edge of this fast-growing global market.
I’m delighted, therefore, that Rhian-Mari has agreed to become the Institute’s new chief executive. She will bring a host of expertise to this role as the Institute prepares to launch this summer.
City Minister John Glen said:
Green Finance provides crucial investment in sustainable projects and infrastructure that help protect our environment. The Green Finance Institute, announced by the Chancellor last year, will play a vital role in ensuring the UK remains a world leader in this area.
Rhian-Mari Thomas brings a wealth of experience to the role of CEO, and I look forward to working with her closely in the future.
Rhian-Mari Thomas said
The science is clear, we need to act urgently to build a resilient and low carbon economy. To do so, will require new forms of cross-sector collaboration, the removal of barriers to investment and ultimately the re-directing of more private capital towards climate change mitigation and resilience projects and strategies.
The new Green Finance Institute, with support from the City of London Corporation and Government, is uniquely placed to foster the partnerships that will lead to the creativity, innovation and commitment needed to unlock the opportunities from the emerging green economy. It is an honour to become the first CEO of such a timely and significant initiative.
The Institute will be formally launched at the third Green Finance Summit on 2 July, which will be a key feature of London Climate Action Week. It was first announced by the Chancellor of the Exchequer in June 2018.
The Green Finance Summit will showcase the latest in green financial policy, market developments and thought leadership. This year the agenda focuses on investing, accelerating and delivering on green finance commitments. The Summit is supported by Lloyds Banking Group (headline sponsor) where Group CEO, António Horta-Osório will join other keynote speakers including: Hoesung Lee, Chair, IPCC; Mary Robinson, Chair, The Elders and Rt Hon Claire Perry MP, Minister of State for Energy and Clean Growth.
The Global Commission on the Economy and Climate Change estimates around $93 trillion of global infrastructure investment between 2015 and 2030 will need to be green in order to meet climate change commitments. The green bond market grew by 78% between 2016 to 2017, to $155 billion in green bond issuances.
Notes to editors
About the City of London Corporation
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk