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On October 2, the Tokyo Metropolitan Government hosted the Tokyo-London Green Finance Seminar. Now in its seventh year, the seminar has been running since 2018.
It was a highlight of Tokyo Sustainable Finance Week, a series of events dedicated to advancing sustainable finance. Financial experts from both Japan and the United Kingdom exchanged ideas and insights on key issues.
As the global risk from environmental degradation increases, the economic consequences are becoming more significant. The seminar underscored the critical need for long-term environmental investments and reaffirmed the importance of continued Japan-UK collaboration in this area.
Tokyo Initiatives
Tokyo Governor Yuriko Koike opened the seminar with a video message. She highlighted several of Tokyo’s sustainability initiatives, including SusHi Tech Tokyo, a program promoting sustainable high-tech solutions.
She noted that Tokyo was the first local government in Japan to issue both green bonds and social bonds. Governor Koike also discussed efforts to establish a carbon trading system and clean hydrogen exchange. She emphasized the key role of green finance in combating climate change and rising natural disasters.
Continued Japan-UK Collaboration
On September 30, the UK decommissioned its last coal-fired power plant, ending 142 years of reliance on coal. This marked a major step in reducing coal’s impact on climate change, with the UK declaring its ambition to become a global clean energy superpower.
During the panel discussions, two key points were reaffirmed. First, an urgent need to develop renewable energy markets, such as solar and wind power, to support global environmental sustainability. Second, the importance of Tokyo and London taking the lead by combining technological innovation and financial strength through cooperation.
Untapped Potential
Humanity faces growing challenges from climate change and frequent natural disasters, while the energy landscape continues to evolve rapidly. The concept of nature-positive, which focuses on restoring ecosystems and having a positive impact on nature, is gradually gaining traction among companies.
However, despite several green finance initiatives aimed at environmental preservation and restoration, success stories remain limited. It is essential for businesses to fully understand the significant economic risks tied to environmental factors, and increased investment in nature-based solutions is urgently needed.
During the discussions, it was noted that many companies and startups in Japan have untapped environmental technologies with the potential for significant global impact. With Japan and the UK both under new leadership, the discussions highlighted the importance of renewing cooperation between Tokyo and London.
The seminar concluded that, as two of the world’s leading financial centers, Tokyo and London should collaborate to foster innovative ideas and strengthen investment strategies. By doing so, they can position themselves as global leaders in green finance.
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Author: Hidemitsu Kaito