3/1/2024 0 Comments International comparisons of global city financing: a report to the london finance commission.![]() ![]() A good example has been policy performance bonds (aka performance incentive bonds or sustainability-linked bonds). Continental centres have actually led London in a number of areas, despite London’s reputation for innovation. “London’s performance on green finance is due to solid support from the City of London Corporation and HM Government, as evidenced in the Green Finance Institute,” Mainelli said. ![]() Professor Michael Mainelli, Executive Chairman of Z/Yen Group and former Binder Hamlyn senior partner, said the encouraging focus on green and sustainable finance by financial centres could materially improve the nature of economic recovery from the Covid-19 pandemic. ![]() As ESG (environmental, social, governance) reporting, green bonds, policy performance bonds, and other aspects of green finance penetrate mainstream financial activity, there is growing confidence in the development of green finance across all regions, Z/Yen says. The analysis shows that ratings of green finance rose in all centres for both depth and quality. ![]() A number of leading Western European centres are likely to be displaced from the top 10 over the next two or three editions of the GGFI if this trend continues, Z/Yen warns. Tokyo, Beijing, Sydney, and Singapore all consolidated gains displacing incumbents from Western Europe in the rankings. Although Western Europe continues to dominate the top 10 places, Z/Yen has warned that its crown may be slipping with such stiff competition from both the North America and Asia/Pacific regions. Amsterdam moved up one place to take first place in the latest global Green Finance Index (GGFI 7) produced by Z/Yen, narrowly pipping Zurich, with London retaining its 3rd place. ![]()
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