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Alok Sharma appointed chair of UK Transition Finance Council
Sharma will lead efforts to expand transition finance, supporting global decarbonization and net-zero goals.
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Alok Sharma / Wikipedia
The UK Government and the City of London Corporation have appointed former Reading West MP Alok Sharma as chair of the country’s newly launched Transition Finance Council.
The Transition Finance Council, co-launched at Mansion House, will drive the implementation of recommendations from the 2024 Transition Finance Market Review (TFMR). It aims to scale high-integrity financial solutions to support decarbonization across high-emitting sectors and facilitate the UK’s journey to net zero. The Council will also engage with international stakeholders, foster capacity building, and convene working groups to advance its objectives.
Sharma, a prominent advocate for climate action, brings extensive experience to the role. As former President of the 2021 United Nations Climate Change Conference (COP26), he led international efforts to secure the Glasgow Climate Pact, fostering commitments from nearly 200 nations to combat climate change.
His previous ministerial roles include Secretary of State for International Development and Secretary of State for Business, Energy, and Industrial Strategy, where he spearheaded sustainable growth initiatives.
Speaking about his new role, Sharma underscored the importance of developing the transition finance market. “To support growth and meet national and corporate climate goals, it is absolutely vital to grow the transition finance market. I look forward to working with colleagues on the Transition Finance Council to help develop the UK into the preeminent global hub for transition finance,” he said.
Chancellor of the Exchequer Rachel Reeves praised Sharma’s leadership, noting his proven track record in delivering climate action results. “At Mansion House, I co-launched the Transition Finance Council, which will play a pivotal role in driving this ambition forward and I look forward to working with the newly appointed chair Lord Alok Sharma who brings a wealth of experience to the role,” she stated.
The Council’s efforts, led by Sharma, are expected to be pivotal in mobilizing private capital to fund global decarbonization efforts, ensuring the UK remains at the forefront of sustainable finance.
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