It will develop standards to promote responsible investment in sustainable projects and has set up the Green Finance Taskforce to help UK businesses.
The Taskforce includes experts from Aviva, Barclays, HSBC, Legal & General, and the Bank of England, along with academics and sustainability experts. It will devise proposals to accelerate the change to a greener economy and examine several potential interventions such as scaling-up green mortgages and making infrastructure investment more sustainable.
The overall aim is to encourage technologies, infrastructure, and innovative start-ups that boost economic growth while reducing greenhouse gas emissions. That said, the Government says that much of the actual investment will come from the private sector.
"The transition to a low carbon economy is a multi-billion pound investment opportunity and a key part of this Government’s Industrial Strategy," says Claire Perry, Minister of State for Climate Change and Industry. "Developing standards to promote responsible investment in sustainable projects and establishing the Green Finance Taskforce will help ensure businesses across the UK take full advantage of it."
"Financial services are a British success story and the sector has the power to drive green and sustainable development," adds Stephen Barclay, Economic Secretary to the Treasury.
"It is a priority of mine that people are able to access financial products that support their values, whether that be sharia-compliant loans or green mortgages that have a positive environmental impact. This taskforce will keep the UK at the forefront of green finance and help deliver choice for consumers."