The new UK Centre for Greening Finance and Investment will begin in April 2021, with physical hubs in Leeds and London, Energy Minister Anne-Marie Trevelyan has announced.
These research hubs will be led by a partnership with a number of UK institutions, including University of Oxford, the University of Leeds and Imperial College London, providing data and analytics to financial institutions and services such as banks, investors and insurers around the world to better support their investment and business decisions by considering the impact on the environment and climate change.
For example, the UK Centre for Greening Finance and Investment will equip banks with the latest environmental and scientific intelligence to help companies of all sizes, including start-ups, anticipate, adapt and gear up for the risks posed by climate change.
This research will also help create new products and services that tackle climate change, such as technologies that measure severe storms and flood risks for property investors and tools that can improve data on industrial pollution linked to investment portfolios.
Energy and Clean Growth Minister Anne-Marie Trevelyan commented on the announcement: “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.”
It is estimated that successfully reducing climate change and adapting to life in a changing climate will deliver multi-trillion pounds of additional private sector investment every year.
The government has invested £10 million into the UK Centre for Greening Finance and Investment through UK Research & Innovation (UKRI).