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Laxman Pai, Opalesque Asia:

Western European cities, led by London, continue to dominate when it comes to green finance, according to the Global Green Finance Index (GGFI).

Amsterdam, which has been characterized as London's closest competitor on the Continent to snatch its place as Europe's top finance hub, came second.

The ninth edition of GGFI evaluates the green finance offering of 81 financial centers. The GGFI serves as a valuable measure of the development of green finance for policy and investment decision-makers.

London may have benefitted from both recent UK government action on green finance, including the issue of the first UK sovereign green bond, and from its position as host of COP 26, according to media reports.

San Francisco and Stockholm came third and fourth. New York moved into the top 10, taking fifth place. Zurich came sixth.

GGFI 9 includes a supplement on the issuance of the first Sovereign Sustainability-Linked Bond by the Republic of Chile, and the implications of this new product for both the sovereign bond and green bond markets. The concept of policy performance bonds was developed by Z/Yen in 2005 and they have been used in the corporate world in recent years. This is the first example of a sovereign policy performance bond.

Professor Michael Mainelli, Executive Chairman of Z/Yen Group, said: "The challenge to western Europe from North American and Asia/Pacific centers continues showing the global nature of the green finance......................

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