Leaders gather at COP28 to tackle climate change
With the 28th United Nations Climate Change conference (COP28) underway, the director general of the Finance & Leasing Association (FLA), Stephen Haddrill, has emphasised the importance of green investments.
The conference is being held until December 12 at Expo City, Dubai.
“As nations gather in Dubai to set the global response to climate change, the actual changes required will be made at an individual level – in homes, workplaces, transport and utility choices,” he said. “All of this relies on the availability of finance, but the risk of funding green investment is significant.
“New technology is an unknown quantity in terms of its performance, longevity and obsolescence. The points we continue to make to government are that a sharing of risk will be required to keep the price of funding competitive and within the reach of customers, and consistent policy is vital. It must not backslide on its commitments.”
COP28 UAE gathers representatives from across the globe to discuss and plan for global transformative climate action.
In 2022, members of the FLA provided £148 billion to finance UK businesses, households and the public sector. Of this, £55 billion was provided by non-bank lenders, and £34 billion in asset finance was provided to businesses while £22 billion was provided to SMEs to finance new equipment, plant and machinery, or software. Meanwhile, £115 billion in consumer credit was provided to support the purchase of 84% of all private new car registrations.
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