The City of London Corporation will today announce the launch of a new green finance centre in China as part of its efforts to make London the go-to location for environmentally friendly fundraising.
Charles Bowman, City of London lord mayor, today met the head of the China Green Finance Committee, Ma Jun, in Beijing where they exchanged letters confirming the establishment of the centre.
The centre will look at how to improve the disclosures and definitions required for a project to be “green” as well as greening the massive Belt and Road infrastructure project, according to Bowman.
Under the Belt and Road programme, pushed personally by President Xi Jinping, the Chinese government plans to invest as much as $1 trillion (£700bn) in infrastructure projects in developing nations which could sustain demand for products and services.
Bowman is currently in China, accompanied by senior City figures, in a bid to push London as a partner for the second-largest economy in the worlds financing needs.
An early project for the centre will focus on the XiongAn New Area, a development on the outskirts of Beijing which the Chinese government hopes will become a globabl fintech centre.
Bowman said the new green finance centre “will allow us to go even further in our international ambitions” for making London a key player in the burgeoning sector.