TheCityUK highlights importance of financial services to the green economy
TheCityUK, the independent membership body promoting UK-wide financial and related professional services, this week underlined the importance of UK financial services in unlocking the enormous potential of the green economy.
Chris Cummings, Chief Executive of TheCityUK told delegates at an event on the fringes of the Labour Party Conference in Manchester that with the green economy forecast to generate one million jobs in the UK by 2013, investment from a strong financial services sector, already an employer of over one million people nationwide, would be crucial.
“Our recovery from our current difficulties must be a sustainable recovery,” said Cummings in his speech. “We need to find innovative and imaginative ways to fund new businesses that will both grow and rebalance our economy. It is no coincidence that the UK is at the vanguard of environmental innovation when you consider the strength of our financial services sector.”
Cummings highlighted the role of new innovations such as the FTSE Environmental Opportunities Indices which help investors to target capital towards companies operating in the clean technology and low carbon sectors as well as London’s role as the world’s carbon trading capital. He also looked forward to a Green Investment Bank stepping forward to support sustainable investment and noted pension funds, with their ability to take a long view, are also be well placed to support new green investments.
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