Financial services firms with more than £3.6 trillion of assets and assets under management have announced their participation in a Just Transition Finance Challenge, launched by the Impact Investing Institute and the City of London Corporation at the Finance for Impact Summit. According to the organisers, the initiative aims to enable investors to deliver on commitments made at COP26 and will provide asset owners with better market visibility into investment products that offer deliver a fair and inclusive transition to net zero. The Challenge will unveil a common set of criteria that will underpin a new Just Transition label for public and private asset owners and asset managers, open to public consultation, and will recognise investment products that deliver the three critical elements of a Just Transition, climate and environmental action; socioeconomic equity and distribution; and community voice. Separately, an industry-led set of recommendations to advance finance for social impact, developed by KPMG through consultation with the financial services sector, was also launched during the summit.
Delighted to be hosting the #FinanceForImpact Summit today, alongside the @ImpactInvInst and @kpmguk – where we will be announcing 2 exciting projects to back a fair and inclusive net zero transition!
You can find out more about it here: https://t.co/x9vBvfBW4d
— Lord Mayor, City of London (@citylordmayor) July 18, 2022