In January 2018, the EU Commission’s High-Level Expert Group on Sustainable Finance emphasises that financial centres, which have a powerful clustering effect across different market segments and sectors, are key to achieving this by using their influence to mobilise institutions and create networks of innovative products and services.
A growing number of European financial centres, such as Dublin, London, Paris, Frankfurt, Milan, Stockholm, Luxembourg, Geneva, Zurich and Lichtenstein are already stepping up to the challenge and taking strategic action to mobilise climate action. However, most European financial centres have yet to respond to the climate agenda, so scaling up efforts to include those not yet engaged is becoming increasingly urgent.
Responding to this challenge and over the next three-years, FC4S Europe will work to support up to 20 pan-European in their transition to a state where they are aligned with the Paris Agreement. Supported by EU EIT Climate-KIC, FC4S Europe themes of activities can be summarised as:
Strengthening Strategic Commitment by stimulating strategic action by financial centres through guidance, assessment tools and data systems.
Boosting Market Integrity by bringing clarity and convergence on key definitions, taxonomies and classifications, as well as endorsing international standards.
Build Capacity by strengthening the capacity of financial centres, supporting implementation, and strengthening the skills base of financial practitioners.
Fostering Innovation by pooling experience on critical issues, such as how to leverage fintech and digital finance solutions for sustainable finance markets.
Serving the Real Economy will explore models to connect financial centres with real economy needs.
In the next number of months, FC4S Europe will lay the foundation for a number of projects and collaborative initiatives including the development of an Open Innovation Platform supporting pan-European sustainable finance innovation.
As these develop, to learn more please sign up to the FC4S Europe newsletter.