Britain is uniquely positioned to become a hub for a multibillion-dollar marketplace in carbon offsets, the City of London’s policy head has claimed. Catherine McGuinness, chairwoman of the policy and resources committee of the City of London Corporation, told the Institute of International Finance yesterday that the corporation had spent more than a year working with organisations to understand how carbon markets could be scaled. The initiative is backed by Rishi Sunak. A group led by Dame Clara Furse, former chief executive of the London Stock Exchange Group, had been established to work out how to make the UK and City of London the global leader. The voluntary market for carbon offsets is expected to grow rapidly as companies and public authorities, which have ambitious net zero targets, seek to buy carbon credits to compensate for emissions they cannot cut themselves.
Times 9th July 2021 read more »