The Board received a presentation on the Green Finance Institute (GFI) from the Innovation & Growth team, covering the GFI’s development from the co-founding of a Green Finance Initiative in 2016 to the formal launch of the GFI in July 2019, the GFI work programme and its relevance to the City of London Corporation’s Corporate Plan, plus its other strategic partnerships and international work.
Following questions from Members, the Board discussed Member involvement with the GFI, engagement with the USA and Asian economies, potential capital allocation and flows in respect of the three coalitions the GFI had established, the green bond market, the 2020 United Nations Climate Change Conference (COP 26), HM Government engagement with the GFI, and social investment.
The Chamberlain then advised the Board on a recent meeting involving Members, officers and external stakeholders on green investment and advised that this would be carried forward. There would need to be a process of familiarisation through a dedicated workshop and this would work best as a standalone session for Members. The Chairman noted that the Financial Investment Board would then need to consider the suitability of any potential ‘green’ investment strategy within the investment portfolios.
The Board then thanked officers for their presentation and contributions to the meeting.