3 December 2009
The City's role in meeting the climate change challenge
The financial services industry can play a vital role in
providing long-term, sustainable solutions to the climate change
problem, according to a new research paper published by the City of
London Corporation.
'Delivering Copenhagen' calls for policy makers to establish a
clear, consistent and certain regulatory framework so that the City
can provide the innovative financing techniques needed to meet this
pressing environmental issue.
The proposals considered in the report include index-linked
carbon bonds, forest-backed bonds, weather derivatives and lower
government enforced cap-and-trade limits.
Simon Mills, Environmental Co-ordinator at the City of London
Corporation, said:
“Climate change is one of the most important issues facing
the world today and needs to be addressed by all stakeholders –
governments, industry and individuals. The scale of the problem
demands a globally coordinated response from both the public and
private sectors. Investment in clean technology and low-carbon
alternatives is required now if we are not to store up greater
problems for future generations.
"There is no doubt in my mind that the financial services industry
can help offer the capital and expertise needed to meet this
challenge. Firstly, however, businesses must have confidence that
the regulatory system will remain clearly defined and stable over
the course of any investment."
'Delivering Copenhagen', which is published ahead of the United
Nation's climate change conference in Copenhagen from December
7-18, builds on the City of London's pioneering work in helping to
launch the London Accord in 2007.
The London Accord, which is the City’s largest collaborative
research project, is designed to put London at the cutting edge of
investment research into climate change technologies.
Ends
NOTES TO EDITORS
1. Download a copy of 'Delivering Copenhagen: The Role of the
City's Financial Services Sector in Supporting Action on Climate
Change'.
2. Learn out more about the
London
Accord.
3. ABOUT THE CITY OF LONDON CORPORATION: The City of London
Corporation is a uniquely diverse organisation. It supports and
promotes the City as the world leader in international finance and
business services and provides local services and policing for
those working in, living in and visiting the Square Mile. It also
provides valued services to London and the nation. These include
the Barbican Centre and the Guildhall School of Music & Drama;
the Guildhall Library and Art Gallery and London Metropolitan
Archive; a range of education provision (including three City
Academies); five Thames bridges (including Tower Bridge and the
Millennium Bridge); the Central Criminal Court at Old Bailey; over
10,000 acres of open spaces (including Hampstead Heath and Epping
Forest), and three wholesale food markets. It is also London’s Port
Health Authority and runs the Animal Reception Centre at Heathrow.
It works in partnership with neighbouring boroughs on the
regeneration of surrounding areas and the City Bridge Trust, which
it oversees, donates more than £15m to charity annually.
Press contact:
Sanjay Odedra
Tel: 020 7332 1835
Mob: 07954 327370
Email:
sanjay.odedra@cityoflondon.gov.uk