Green Britain: Ecotricity time-lapse shows turbine construction

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Lord David Frost said the City of London needs to “get on and do its own thing” after Brexit as he suggested equivalence might be unlikely. The Brexit minister also told a House of Lords committee last month that Brussels will continue to take decisions on equivalence that are “in their interest”. UK financial firms lost their wide-ranging access to EU markets when the Brexit transition period came to an end on December 31 and now have to navigate a patchwork of regulations from member states.

The only way the City of London can regain its pre-Brexit access to the EU is if Brussels unilaterally grants regulatory equivalence.

However, the bloc believes the UK is destined to diverge from its financial services regulations and has withheld the designation.

John Garvey, global head of financial services at PwC, told the Telegraph that although he doesn’t expect a deal imminently, there will come a point when Brussels realises an agreement is in its own interests.

According to the chief executive of Maritime UK, Ben Murray, the City of London should focus on something else at the moment: green shipping.

He told Express.co.uk: “We have the opportunity to grow our shipping finance space.

“The most obvious place to do that is green shipping finance.

“The whole sector needs to decarbonise and the whole sector needs capital.

“Where better to do that than London?”

Mr Murray added: “Let’s make sure the rest of the world is coming to London for green shipping… Let’s make sure it becomes the financial centre for green shipping.

“It might be green shipping bonds, it might be other green finance that’s available…

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“Let’s make sure it also helps our industries, then it’s a win-win.”

In March, the Government invested £20 million to develop innovative zero-emission vessels and clean port infrastructure.

It is understood that the fund will be used to support the development of prototype vessels and port infrastructure that could then be rolled out widely – propelling the sector towards net-zero, as the UK prepares to host the COP26 climate change summit in November.

In the UK the Government is reported as encouraging scientists and academics to collaborate with UK shipping, ports and shipbuilders to enter ambitious proposals into the competition with the aims of driving economic growth, revitalising coastal communities, creating thousands of jobs and positioning the country as a leader in the field.

At the launch of the scheme Transport Secretary Grant Shapps said: “We have a proud shipbuilding history and, together with industry, I am determined to build on that as we look to develop the innovations of the future and meet our net-zero target.

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“We are revolutionising maritime technology and, from electric boats to hydrogen ports, we will change the way this country sails forever, and bring jobs and prosperity to the UK.”

Maritime Minister Robert Courts added: “This is a turning point for the UK’s maritime sector.

“It’s an opportunity for businesses to develop the technologies of the future, not only protecting our environment but driving economic growth.

“I urge this country’s best thinkers to put their green ideas forward and help us deliver a better, cleaner maritime sector.”

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