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TMI BlogBritish Indian peer Alok Sharma to chair UK’s Transition Finance CouncilX X X X Extracts X X X X X X X X Extracts X X X X ..... British Indian peer Alok Sharma to chair UK’s Transition Finance Council X X X X Extracts X X X X X X X X Extracts X X X X ..... tate a UK economy-wide transition to Net Zero to meet the country's clean energy climate targets. The City of London Corporation, which has co-launched the government initiative, said the new council aims to leverage the UK’s strengths to become the best market in the world to raise and deploy "high-integrity transition finance". The Transition Finance Council will support finance capacity bui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding through engagement with UK and international stakeholders and convene working groups to advance priority areas in the sector. “To support growth and meet national and corporate climate goals, it is absolutely vital to grow the transition finance market,” Lord Sharma said. “I look forward to working with colleagues on the Transition Finance Council to help develop the UK into the preemine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt global hub for transition finance,” the 57-year-old Agra-born parliamentarian said. The former Cabinet minister has previously served as Secretary of State for International Development in 2019 and Secretary of State for Business, Energy and Industrial Strategy in 2020. From 2020 to 2022, he served as president designate and subsequently as president of the COP26 UN Climate Conference held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Glasgow in November 2021. In this role, Sharma is credited with leading the UK’s work in bringing together the world to tackle climate change and getting almost 200 countries, including India, to sign up to the historic Glasgow Climate Pact. “Lord Alok Sharma has been a tireless advocate for climate action and I look forward to working with him in his new role as Chair,” said Ed Miliband, U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... K Secretary of State for Energy Security and Net Zero. “Clean energy is the economic and industrial opportunity of the 21st century and transition finance can help to accelerate investment into these sectors. The Transition Finance Council will play an important role in mobilising this finance to help deliver our clean energy superpower mission and meet our international climate goals,” he said. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The council, one of the key recommendations of the Transition Finance Market Review (TFMR) published in October last year, will include representation from the financial and professional services sectors, real economy, government, regulators, standard setters and civil society. “We want to lead the world in sustainable finance by making the UK a global hub for green and transition finance, pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omoting investment flows into green industries to create jobs and support the global transition to a sustainable future,” said UK Chancellor of the Exchequer Rachel Reeves, who welcomed Sharma’s “wealth of experience” in the field. “Lord Alok Sharma has a solid record of delivering tangible climate action results, which is why we’re delighted for him to be chairing the Transition Finance Council ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,” said Chris Hayward, Policy Chairman of the City of London Corporation – the governing body of the UK capital's financial district known as the Square Mile. “Ensuring easy access to financial products and services are vital to facilitating an economy-wide transition to Net Zero, particularly when it comes to the decarbonisation of high-emitting sectors. “As part of our role, we’ll be working ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with wider partners and stakeholders to implement a credible plan to scale up solutions,” said Irem Yerdelen, who will serve as Deputy Chair of the new council.
“Together, we will maintain momentum and lead the charge towards a sustainable future," UK Treasury Minister Emma Reynolds said. PTI AK GSP GSP X X X X Extracts X X X X X X X X Extracts X X X X
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