On 8 October, the IPCC concluded that an additional 1.5% in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilising the world’s financial centres will be crucial to achieve the system transition that the IPCC has recommended.
At the 2nd meeting of the global network of Financial Centres for Sustainability (FC4S) in Shanghai, two co-chairs have been appointed to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative and Kong Wei, chair of the Shanghai Green Finance Committee.
The FC4s Network brings together nearly 20 of the world’s leading financial hubs to harness the power of place for climate action and sustainable development. Established in September 2017, it has already:
Introduced an assessment programme to evaluate the activities undertaken by its members to accelerate flows of green and sustainable finance,
Launched a statement calling for international convergence towards a shared language in the development of taxonomies on green and sustainable finance,
Established regional platforms in Europe and Asia to stimulate further engagement from financial centres,
Identified best practice across financial centres on how to expand the green bond market, and
Promoted cooperation between financial centres on the application of fintech to climate and sustainability challenges (such as blockchain).
Pierre Ducret from Finance for Tomorrow said: “The IPCC report has shown more clearly than ever the need to mobilise the trillions for climate and accelerating actions is a priority for France. I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international cooperation at a time of great uncertainty.”
Nick Robins, the founder of the FC4S network and Special Advisor on Sustainable Finance, UN Environment said: “We need financial centres to be fit for purpose in the rapid transition that lies ahead. With Pierre Ducret and Kong Wei as co-chairs, the network has the strategic leadership it needs for the next phase.”
Notes to Editors
The FC4S is a partnership between leading financial centres and the United Nations Environment Programme, which acts as its Convenor and Secretariat. The objective of the Network is to enable financial centres to exchange experience, drive convergence, and take action on shared priorities to accelerate the expansion of green and sustainable finance. Following from endorsement by G7 Environment Ministers under the 2017 Italian G7 Presidency, the FC4S Network was launched in September 2017 with the support of the Italian Ministry of Environment, Land, and Sea. The Network is headquartered in Geneva, Switzerland.
FC4S Asia was formally launched on the 17th October in Shanghai, where it will be hosted.
FC4S Europe will be formally launched on the 7th November in Dublin, where it will be hosted.