Plans for a Green Environmental Market (GEM) to make London the undisputed leader in green finance have been proposed by conservative shadow chancellor George Osborne. The creation of GEM would be a world first and would build on the success of the Alternative Investment Market (AIM).
Osborne said: GEM will provide new capital and opportunities for green technology companies from Britain and across the globe. Sitting alongside AIM, it will enable investors to track and invest in green tech stocks in a simple way. It will provide a clear path for start-up businesses in the sector to follow. It will make the City of London the undisputed leader in green finance for years to come.
A working group led by the former chairman of Man Group Stanley Fink, will make detailed plans with assistance from the London Stock Exchange.
Renewable Energy Association deputy director Gaynor Hartnell said: We are keen to hear more detail on George Osbournes plans and we share the view that there is great potential in this market. We have just launched a Finance Network for Sustainable Energy, along with our partners the UK Social Investment Forum.
This will provide a forum where the City and the sustainable energy sector can meet something they are manifestly keen to do.
Image: SELCH energy from waste plant, London