London ‘world’s greenest finance hub’

The city of London is the world’s greenest finance hub, according to an index from London-based consultancy Z/Yen Group.

Different financial capitals were assessed based on a range of factors including their renewable energy infrastructure, relevant talent pools, the strength of their green finance sector, in addition to government policy and taxation.

The index was overwhelmingly dominated by European cities. Amsterdam and Zurich came in second and fourth place, while Luxembourg, Geneva, Stockholm, Oslo, and Paris came fifth, sixth, seventh, ninth, and tenth place, respectively.

However, San Francisco and Los Angeles took third and eighth place in Z/Yen’s index, respectively.

Asia Pacific cities all performed strongly compared to last year; Beijing, Shanghai, Seoul, and Singapore all placed higher in the index.

New York had the biggest improvement of any city in the index, moving up 18 places in the rankings to 13th place.

Z/Yen Group said the UK’s ranking benefited from the recent issue of the first UK sovereign green bond, and from its position as host of upcoming COP 26. LINK

“As we prepare for COP 26 in the UK, it is heartening to see competition to be a top green financial centre intensify,” said Professor Michael Mainelli, executive chairman of Z/Yen Group.

“Western Europe’s domination of the Global Green Finance Index is under continuing pressure from Asia Pacific and North American financial centres, proving that helping to solve environmental issues, particularly climate change, is fundamental to global finance proving its worth to society.”

He added: “It may not be long before the real centres of green finance have moved significantly eastward.”

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