Net Zero Delivery Summit “Financing a Just Transition” The Worshipful Company of Constructors Report

The Net Zero Delivery Summit marked a key milestone on the road to COP28. Discussions addressed the most urgent questions facing the financial services industry and governments as they take practical steps towards a “Just Transition” worldwide. Speakers explored key policy interventions and regulatory next steps, showcased ground-breaking products and services and shared best practice. From commitment to action: tracking UK financial services’ progress on the pathway to Net Zero.

The Summit marked the halfway point between COP27 in Egypt and COP28 in the United Arab Emirates. It focused on how tackling climate change and its effects on societies can be delivered in a fair and inclusive way, particularly in developing countries.

• The event built on the inaugural summit hosted by the City Corporation earlier this year as part of the UK’s COP presidency, which featured speakers including John Kerry and Mark Carney. It was a gathering of leaders of finance, business, government, and other institutions from around the world.
• Policy Chairman of the City of London Corporation, Chris Hayward said:
•  “There is no pathway to sustainable economic growth around the world unless we deliver on the terms of the Glasgow Climate Pact.”
•  “A crucial pre-condition of the Pact’s success is the pursuit of an economic transition that is fair, just and inclusive.”
•  “That is why the Egyptian COP Presidency, and the City of London Corporation are partnering to host the Net Zero Delivery Summit in London, in 2023.”
•  “The event focused squarely on delivering a just transition to net zero. The financial and professional services sector has a critical role to play in mobilising capital into emerging markets to support mitigation, adaptation and resilience.”
• “This Summit showcased the very best examples of what is working, on the ground, from around the world, to deliver net zero in a just and inclusive fashion.”
• “This summit will inform and inspire business leaders and policymakers as we collectively take the necessary steps towards addressing the climate crisis.”
• Ambassador Mohamed Nasr, Director of the Climate, Environment and Sustainable Development Department at the Egyptian Ministry of Foreign Affairs said:
•  “The COP27 Presidency is pleased that the second Net Zero Delivery Summit will put the importance of a just transition at its heart. It is imperative to ensure a managed and just transition to an economic model based on low-emission and climate-resilient development, based on the agreed principles in the UNFCCC and the Paris Agreement.”
•  “Responses to climate change should be integrated with sustainable social and economic development, recognising the specific needs of developing countries, that are particularly vulnerable to the adverse effects of climate change.”
•  “A number of governments, business, trade unions and civil society actors have led the way in shaping just transition solutions. We need to build on these solutions and innovate new ones, and we are looking forward to the second Net Zero Delivery Summit contributing to that cause”.