New measures to accelerate investment in clean growth by building on the UK’s strength in ‘green finance’ were set out by Climate Change Minister Claire Perry at the opening ceremony of Climate Week in New York.

Green finance includes private-sector investments in technologies, infrastructure and innovative start-ups that can create jobs and allow businesses to expand, boosting economic growth while reducing greenhouse-gas emissions.

Between 1990 and 2016, UK GDP has grown by 67%, while carbon emissions have fallen by 42%, proving that it is possible to reduce emissions and ‘grow’ the economy; and while the ‘green finance’ agenda has gained global momentum in recent years, the market must accelerate if climate-change commitments are to be met.

An estimated $13.5 trillion of investment will be needed between 2015 and 2030 in the energy sector alone for countries to meet their Paris Agreement targets.

The Government recognises that much of this investment will come from the private sector and wants to use the UK’s ‘green finance’ capabilities to provide a real national economic boost and help meet global challenges.

Ms Perry said: “Britain has already shown the world that a strong economy and efforts to tackle climate change can — and should — go hand in hand. Now is the time to build on our strengths and cement our position as a global hub for investment in clean growth.

“The transition to a low-carbon economy is a multi-billion-pound investment opportunity and a key part of this Government’s Industrial Strategy.

"Developing standards to promote responsible investment in sustainable projects and establishing the Green Finance Taskforce will help ensure that businesses across the UK take full advantage of it.

"It is important for public and private partnerships to work together, and the Green Finance Taskforce announced today will bring together a top team of financial experts, including leading figures from Aviva, Barclays, HSBC, Legal & General and the Bank of England, as well as academics and sustainability experts.”

Stephen Barclay, Economic Secretary to the Treasury, said: “Financial services are a British success story, and the sector has the power to drive ‘green’ and sustainable development.

“This taskforce will keep the UK at the forefront of ‘green finance’ and help deliver choice for consumers.”