Transition Finance Market Review

The City of London Corporation proudly supports the Transition Finance Market Review (TFMR), launched in January 2024 to explore how the UK can establish itself as a global hub for transition finance.

The Transition Finance Market Review is an independent Review led by Vanessa Havard-Williams, supported by a panel of advisors and a secretariat. The Review was commissioned by Treasury Lords Minister Baroness Vere and Department for Energy Security and Net Zero Minister Lord Callanan, following the 2023 Green Finance Strategy.

Purpose of the Review

TFMR’s focus is on how the UK can leverage its existing strengths to become the best place in the world to raise credibly transition capital, invest and obtain financial and professional services to support a net zero future.

Defining Transition Finance

At the heart of this review is the concept of 'transition finance’, which can be described as finance that supports an organisation to credibly decarbonise its activities, respond to any climate-related risks and opportunities, and to contribute to a global and economy-wide net zero transition.  TFMR will focus primarily on the challenges specific to financing a credible net zero transition in hard to abate and high emitting areas of the global economy.

Call for Evidence

The consultation period on the TFMR Call for Evidence has now closed.

In March this year the TFMR launched a Call for Evidence, seeking input from companies of all sizes – particularly those in high emitting, hard to abate sectors – and from investors and financial institutions, public and international bodies and from professional services: consultants, law firms, accountants, through to ratings agencies, data or analytics providers, standard setters and civil society. Evidence submitted through the Call will help to inform the TFMR final report. 


The Call for Evidence closed on the 9th May 2024.

Over the spring and early summer the TFMR will participate in a programme of stakeholder engagement, including roundtables and participation in existing fora and discourse.

The Review will report back in the second half of 2024.

Opportune timing

As the world grapples with climate challenges, convening market experts now is a strategic move. The Review will focus on how the UK can become the global centre for transition finance, building upon existing initiatives in other jurisdictions, by standard setters, and by industry coalitions. The UK’s financial and insurance markets, professional services sector, legal system; sustainable finance and data expertise and cleantech start-ups all give the UK strong foundations to create a dynamic and effective transition finance ecosystem.

The City of London Corporation's Role

The City of London Corporation is committed to seconding staff to the secretariat, providing physical working spaces, and extending external consultancy support.

This marks a crucial step towards reshaping the financial landscape and fostering sustainable practices on a global scale. The Transition Finance Market Review is poised to leave a lasting impact, guiding the way for a greener, more sustainable future.

For more detailed information and the terms of reference, please visit the government's Transition Finance Market Review page, or contact us at

Transition Finance Market Review

Meet the leadership team

Meet the leadership team

Vanessa Havard-Williams writes for Responsible Investor

'Nimble and pragmatic regime' needed to unlock transition finance

'Nimble and pragmatic regime' needed to unlock transition finance