{"id":31156,"date":"2016-09-14T16:50:33","date_gmt":"2016-09-14T15:50:33","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=31156"},"modified":"2016-09-14T16:51:58","modified_gmt":"2016-09-14T15:51:58","slug":"uk-pitches-china-for-climate-friendly-finance-trillions","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2016\/09\/14\/uk-pitches-china-for-climate-friendly-finance-trillions\/","title":{"rendered":"UK pitches China for climate-friendly finance trillions"},"content":{"rendered":"<p><strong>The UK is pitching itself as a climate finance leader and a natural partner for China as the country\u2019s central bank plans a US$45.6 billion green bond release through 2016.<\/strong><\/p>\n<p>London and Beijing are already collaborating on green finance planning, according to a <a href=\"https:\/\/www.climatebonds.net\/\" target=\"_blank\">report<\/a> released by the Climate Bonds Initiative and supported by the UK\u2019s trade department.<\/p>\n<p>Examples include the\u00a0development of a\u00a0joint energy and infrastructure funding platform, while China\u2019s central bank and the Bank of England are leading a G20 study into green finance guidelines.<\/p>\n<p>\u201cLondon is a particularly suitable location for Chinese issuers to issue green bonds on the international markets,\u201d said the report.<\/p>\n<p>Already more than half of offshore Renminbi trades take place in the UK, and in May a RMB 3 billion (\u00a3300 million) sovereign bond &#8211; the first to be issued outside of China \u2013 was released in London.<\/p>\n<p>This was the \u201cfirst of many\u201d such links between the two countries said Simon Kirby MP, Economic Secretary to the UK Treasury, speaking at the report\u2019s launch at London\u2019s Guildhall.<\/p>\n<p>\u201cThis government and the Treasury continue to see green finance as a top priority, and we need to get it absolutely right,\u201d he said.<\/p>\n<blockquote><p>Analysts at the New Climate Economy say $100 trillion is projected to be spent on global infrastructure projects by 2030, with the bulk expected to come from the private sector.\u00a0For the world to have a chance of avoiding dangerous levels of warming above 2C, the energy mix must radically shift away from coal, oil and gas this decade.<\/p><\/blockquote>\n<p>Despite continued uncertainty over government policy in the wake of the 23 June Brexit vote, Kirby stressed officials were focused on ensuring London\u2019s \u201cgreen glow grows brighter\u201d.<\/p>\n<p>\u201cWhat I want to promise is that this government will be backing our financial sector and will go further and faster to step up efforts to halt climate change in its tracks,&#8221; he said.<\/p>\n<p>\u201cA lot has changed [since the Brexit vote] but the commitment in the\u00a0UK to greener capital markets has been enhanced,\u201d said Sir Roger Gifford, country head of SEB UK and chair of London\u2019s Green Finance Initiative.<\/p>\n<p>Nigeria, Canada and India are other potential partners for the UK on green finance, he said.<\/p>\n<p>Brazil \u2013 which will launch a green investment plan in December \u2013 and Indonesia are other leading economies that have plans to clean up their infrastructure, said Sean Kidney, head of the London-based Climate Bonds Initiative.<\/p>\n<p>\u201cWe need activist global leadership between China and the UK,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"London&#8217;s expertise places it in pole position to channel private finance to China, as superpower seeks to invest around $4 trillion a year in infratsructure ","protected":false},"author":2,"featured_media":31061,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[72,208,82,3650],"tags":[303],"coauthors":[],"class_list":["post-31156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-china","category-climate-finance","category-eu","category-green-bonds","tag-uk","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK pitches China for climate-friendly finance trillions<\/title>\n<meta name=\"description\" content=\"London&#039;s expertise places it in pole position to channel private finance to China, as superpower seeks to invest around $4 trillion a year in infratsructure\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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