The City of London Corporation is establishing a new unit to raise investment for the UN’s Sustainable Development Goals (SDGs).

In an announcement made at the United Nations General Assembly, Mark Florman, chairperson of the City Corporation’s new Sustainable Development Capital Initiative, said that he was seeking to use London’s place on the world stage to attract more investment to meet the SDGs.

Florman, who is also the chairman and chief executive officer of merchant banking group Time Partners, said that the private sector had not yet managed to deliver the investment and jobs that so many developing markets need.

He said: “We want to foster a new approach that encourages the British private sector to take the lead in investing the billions that will see developing economies growing by trillions.

“The SDCI will coordinate the private and public sector and work with partner countries to develop products and vehicles that will move capital to flow from London, accelerate the SDGs and realise the trillion dollar opportunities they present.”

The initiative will have three core objectives: 1) to champion what London has to offer, 2) to seek to develop markets on how to structure opportunities, and 3) to address market barriers such as regulation and risk mitigation.

Catherine McGuinness, policy chairperson of the City of London Corporation, said that the pioneering efforts of government and industry, had already ensured that London, and UK as a whole, is a respected world leader in sustainable finance.

She said: “It’s only natural therefore that we use this experience to leverage our position as a leading international financial centre to help mobilise the investment and innovation required to achieve the UN Sustainable Development Goals.

“I am confident this initiative will provide the leadership, partnership and expert knowledge needed to accelerate the SDGs and realise new opportunities.”