Trade Tuesday: Global Investment Summit 2021

Overview

Today, International Trade Secretary Anne-Marie Trevelyan and Prime Minister Boris Johnson welcomed 200 Chief Executives from across the globe to encourage foreign direct investment (FDI) by showcasing the best of British innovation when it comes to tackling climate change.

The Prime Minister made several announcements, including £10 billion of overseas investment into UK wind and hydrogen, sustainable homes, and carbon capture and storage, and the launch of the UK Investment Atlas to act as a centralised resource identifying UK investment opportunities, as part of the government’s pitch to demonstrate the UK’s commitment to green growth and promote the UK as the best investment destination in the world.

What?

The event at the Science Museum forms part of the UK Government’s Net Zero Strategy released today about how the Government can support the commercialisation of high-impact decarbonisation technologies and help rapidly drive down the cost of green technologies with the help of the private sector.

Business leaders were invited to hear a selection of keynote speeches, including from the Prime Minister, Business Secretary Kwasi Kwarteng and new International Trade Secretary Anne-Marie Trevelyan, before attending fireside chats with Bill Gates, engaging in one-to-one meetings with government and business officials and networking with other investors and potential investment opportunities. A select number of business leaders were also invited to the Royal Reception hosted by Her Majesty the Queen and other senior members of the royal family.

Who?

The Global Investment Summit brought together over 200 global business leaders in finance, construction and technology including Larry Fink of BlackRock, Jamie Dimon of JP Morgan, Sebastian Siemiatkowski of Klarna, and Dame Emma Walmsley of GlaxoSmithKline (GSK).

Why?

With the eyes of the world on Glasgow and the potential of COP26 to make progress in solving the climate crisis, it is no coincidence that the UK government held the Global Investment Summit with COP26 taking place in just a few short weeks. The government hopes the GIS will galvanise FDI in the UK’s green industries of the future and demonstrate its commitment to tackling climate change. The GIS is one of many recent attempts by the UK government to bolster its green credentials ahead of COP26, with the aim of persuading countries to sign up to tangible and ambitious financial and environmental targets in November.

Speaking at the investment summit, Johnson stated that the country needed “to move beyond coal” and for the UK to set out its commitment to reach net-zero emissions by 2050. The government hopes that the business leaders invited to the Investment Summit, representing a total of £34 trillion in value, can work with the public sector through FDI and innovation to create a secure, home-grown clean UK energy sector, supporting businesses and consumers to transition to clean power, create thousands of well-paid jobs, and unlock new investment.