Bank pledge as first sponsor announced for ‘green’ summit

The UK has confirmed the first sponsor for the Global Investment Summit to be held next month, when it rolls out the ‘green carpet’ for some of the world’s most powerful executives and heads of major institutions.

Hosted by the Prime Minister Boris Johnson, the Global Investment Summit (GIS) is a virtual event and will be held on 19 October. British banking giant Barclays has been announced as the first sponsor and says it is committed to £100 billion of green financing by 2030, in line with the Government’s clean growth agenda.

It comes as the Department for International Trade (DIT) has published a report highlighting UK investment success overseas in the past year.

Members of the Royal Family will also be supporting the summit which is being held ahead of the crucial COP26 summit of world leaders in November.

The event is designed to showcase British ingenuity and talent and promote the country as a great destination for foreign investment.

Barclays, which is aiming to be a net carbon zero bank by 2050, is one of several sponsors at the event.

Jes Staley, Group CEO, Barclays, said: “Barclays fully supports the Global Investment Summit and the Government’s ambitious drive to boost investments, jobs and growth in the UK’s green industries; as one of the first banks to set a net zero target by 2050, not only for our own operations but across our entire financing portfolio, we are accelerating that transition through the way we deploy our financing.

“Barclays is helping companies of all sizes to realise their green opportunities, from start-ups to global corporations – backing innovation in new technology, facilitating the build out of low-carbon infrastructure, and empowering clients to make critical decisions along their own journeys towards a low-carbon economy.”

The announcement comes as the DIT said that in the last decade Foreign Direct Investment (FDI) has created more than 707,000 jobs across the country, and since April 2019 projects supported by DIT have contributed more than £7 billion to the economy.

International Trade Secretary Liz Truss said: “The UK is the best investment destination in the world offering strong returns in a low-tax, high-skill economy, respected worldwide for its strong rule of law.

“Time and time again investors are choosing the UK. Greater investment in our industries of the future will create high-value jobs, boost the economy and level up the country as we build back better.

“Now is the time to seize these immense opportunities and our Global Investment Summit is the springboard that will propel our economy towards a more prosperous, exciting future.”

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Posted in Economy, Funding.