September 7, 2010 / 8:47 AM / 9 years ago

UK launches investor forum to spur green finance

* Aims to help raise $100 billion to tackle climate change

* Wants City of London to be global hub for green finance

LONDON, Sept 7 (Reuters) - The British government launched an initiative on Tuesday to unlock new investment in low-carbon technologies and make London a global hub for green finance.

The launch of the Capital Markets Climate Initiative (CMCI) is being marked by an event at the London Stock Exchange.

Policy makers and investment banks such as Deutsche Bank (DBKGn.DE) and Morgan Stanley (MS.N) will meet to discuss obstacles to cleaner energy.

The CMCI aims to help meet the $100 billion of new investment needed per year by 2020 to tackle climate change in developing countries, the department of energy and climate change said.

“We want the City of London, with its unique expertise in innovative financial products, to lead the world and become the global hub for green growth finance,” Climate Change minister Greg Barker said in a statement.

The London Stock Exchange is already home to more than 100 clean technology firms and London is the hub of European emissions trading.

The Mayor of London has launched a 100 million pound ($153.6 million) Green Fund to harness investment for climate change programmes and prove their commercial viability.

The London Green Fund is made up of contributions of 50 million pounds from the London European Regional Development Fund Programme, 32 million pounds from the LDA and 18 million pounds from the London Waste and Recycling Board.

The UK government said that between 2005 and 2009, investment in clean energy grew by 230 percent, with $162 billion invested globally last year.

The International Energy Agency estimates that the total investment required by 2030 to reduce emissions by 50 percent by 2050 is around $1 trillion per year. (Reporting by Nina Chestney; editing by James Jukwey)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below