New UK-Based Climate Group Emerges as Banks Retreat
While US financial firms flee right-wing attacks on sustainability, the Transition Finance Council is tapping the City and others to scale decarbonization.
A new UK-based climate group, the Transition Finance Council, aims to rally the City of London, companies and policymakers to scale funding for decarbonization efforts at home and abroad.
Photographer: Chris Ratcliffe/BloombergIt was a dank, drizzly February evening when about 120 people gathered in the brightly lit art gallery of London’s Guildhall, surrounded by gold-framed paintings ranging from Pre-Raphaelites to realists.
At the event, Alok Sharma, a former member of the UK parliament who served as president-designate of the 26th United Nations Climate Change Conference in 2021, announced the launch of the Transition Finance Council. The goal of the London-based group, which includes banking executives, is to rally the City of London, companies and policymakers to scale funding for decarbonization efforts at home and abroad.