ANNOUNCEMENT 15 Feb 2021

On 15 February 2021, the UK Research and Innovation (UKRI) announced that the government is investing GBP 10 million in a new national green finance research center.

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1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

UK Research and Innovation (UKRI), News, “£10m research centre to spur a greener global financial system”. Available at: https://www.ukri.org/news/10m-research-centre-to-spur-a-greener-global-financial-system/

Inception date: 30 Apr 2021 | Removal date: open ended

State aid, nes

On 15 February 2021, the UK Research and Innovation (UKRI) announced that the government is investing GBP 10 million (USD 13.9 million) in a new national green finance research center that will provide consulting services to lenders, investors and insurers to help them make environmentally sustainable decisions, and support a greener global economy. Specifically, this research center will help financial institutions to shift their investments “away from risky activities that harm the environment, such as coal-fired power and deforestation towards activities that are less harmful, such as renewable power and sustainable agriculture.” The center will also support businesses and start-ups commercialize products that can green global finance.

The research center which is called ‘UK Centre for Greening Finance and Investment (CGFI)’ will be funded by UKRI and led by Oxford University. The CGFI will be physically co-located in Leeds and London.

Concerning the establishment of CGFI Energy and Clean Growth Minister Anne-Marie Trevelyan said: “The UK Centre for Greening Finance and Investment in London and Leeds will encourage financial services to turn the tide of their investments and focus on sectors and companies that have a smaller environmental footprint. Doing so will support industries and businesses to develop clean green innovations, creating thousands of jobs across the country – ensuring we build back greener.”

The CGFI will begin operation in April 2021.

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