Category: News

PRESS RELEASE 

UNDP launches global initiative to align financial centres with climate goals in NDCs

Baku, November 14, 2024 – UNDP’s Financial Centres for Sustainability (FC4S) launched its 1.5° Partnership for Action on Climate Transition (PACT) programme, during Finance Day at COP29 today, to mobilize financial institutions in supporting Nationally Determined Contributions (NDCs) aligned with the 1.5°C target.

 

In response to the growing urgency of the climate crisis, UNDP’s FC4S will work towards driving climate action by mobilizing financial institutions to actively support the development and implementation NDCs aligned with the 1.5°C target. PACT will work through local financial centres including FC4S members, by leveraging existing relationships and data to facilitate dialogue between financial institutions and governments. By aligning the strategies of financial institutions with NDC targets, FC4S PACT will reinforce sustainable investment pathways and strengthen national climate action plans.

 

Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau of Policy and Programme Support stated, “With the launch of FC4S 1.5° PACT, we’re empowering financial centers to turn ambitious climate commitments into measurable progress. This programme will provide financial institutions with advanced tools and collaborative frameworks essential for impactful and transparent transition finance strategies aligned with national and global climate goals.”

Core Elements of FC4S PACT:

• Transition Finance Review: Providing a comprehensive assessment of the current state of transition finance at the financial centre level.
• NDC Target Analysis: Assessing the alignment of private sector commitments with NDC targets, identifying gaps, and providing actionable insights for policy reforms.
• Financial Centre Transition Finance Plans: Developing a Milestone-Based Roadmap and Finance Tracker/Dashboard to support financial centres in achieving NDC targets and facilitating climate transition.
• Forum for Action on Climate Transition (FACT): A platform to share best practices, linked with international policy cooperation forums such as the G20, G7, APEC, ASEAN, UNDP SIF, and the Coalition of Finance Ministers for Climate Action.

 

Oscar Njuguna, Group’s Director, Sustainability at The Equity Bank and FC4S Co-chair, stated, “We are excited to launch FC4S 1.5° PACT, bringing together the frameworks, data, and partnerships needed to empower institutions with credible transition strategies aligned with the NDCs. FC4S is committed to driving not just progress but also purpose, through equipping the financial sector with the tools to create solutions that integrate climate resilience into sustainable economic growth.”

 

FC4S 1.5° PACT is further strengthened by the support of key partners, including KPMG. Mike Hayes, Global Climate and Decarbonization Leader, KPMG added, “This initiative has our full support as it will help to address one of the critical issues on the climate agenda which is to create alignment between national level corporate transition plans and country NDCs. This is about creating a new dynamic using financial centres which will increase both corporate and country level ambition and action.”

 

For more information on FC4S PACT and to view the call to action, click here.

 

About UNDP FC4S Network:

The UNDP’s Financial Centres for Sustainability (FC4S) Network is a global network of 44 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S is hosted by UNDP’s Sustainable Finance Hub.

Learn more at fc4s.org or follow us on LinkedIn at UNDP Financial Centres for Sustainability (FC4S).

 

About UNDP SFH:

The UNDP Sustainable Finance Hub brings together UNDP’s financial expertise to harness public and private capital for the Sustainable Development Goals (SDGs)- supporting governments, investors and businesses in reaching climate, social impact and sustainability targets. Its work drives systemic change towards a sustainable financial architecture that benefits people and the planet.

Find out more about its integrated services that ensure all finance is sustainable, at sdgfinance.undp.org or follow at @UNDP_SDGFinance.

 

Press Contact:

Ayesha Babar
Head of Strategic Coordination and Communications, UNDP Sustainable Finance Hub
Ayesha.babar@undp.org

A pivotal meeting took place in Madrid recently between our FC4S members Busan Finance Center and the Spanish Center for Sustainable and Responsible Finance (FINRESP) on advancing sustainable finance. 

 

The Busan delegation, consisting of Mr. Soongoo Ahn, Director of Busan Finance Center, and Mr. Namhyun An, Team Lead, engaged in a series of meaningful discussions with the FINRESP team, which was led by Juan Carlos Delrieu, Advisor to the Chairman and Chief Economist at the Spanish Banking Association. The exchange aimed to explore various aspects of the financial center ecosystem in Madrid and Spain, enhancing the Busan team’s understanding of the Madrid Sustainable Finance ecosystem and the advanced developments occurring there.

 

A key focus of the meeting was the support for Small and Medium Enterprises (SMEs) and startups in fostering sustainable management practices. Both sides shared examples of successful initiatives aimed at incubating and supporting sustainable businesses. They also discussed the adoption of the EU Green Bonds Standard, which is set to take effect this year, highlighting both the challenges and opportunities it presents.

 

The delegation also explored government incentives and strategies designed to stimulate financial flows into sustainable activities, thereby supporting the achievement of the United Nations Sustainable Development Goals (SDGs).

 

From these discussions, several agendas for further collaboration between Madrid and Busan were developed, which will be further discussed with FC4S. One potential initiative is an international webinar where financial centers can exchange strategies and policies for sustainable finance ecosystem development, and showcase cutting-edge fintech and startups.

 

During their trip, the Busan delegation also hosted an Investor Relations (IR) session in collaboration with the Madrid Chamber of Commerce. This session was an opportunity to introduce the Busan International Finance Center’s ecosystem, including its strengths in digital, sustainable, and maritime finance.

 

This meeting marked a significant step forward in strengthening the partnership between Busan Finance Center and FINRESP, underlining their shared commitment to driving sustainable finance initiatives on a global scale facilitated by FC4S.

PRESS RELEASE 

UNDP partners with GRI, GSG Impact, IFRS Foundation and ISO to establish Sustainability Disclosure and Management Hubs

Sustainability Disclosure and Management Hubs (SDMHs) are set to execute their projects in collaboration with UNDP Financial Centres for Sustainability (FC4S), across 14 developing and emerging economies in Latin America and the Caribbean, Africa, and Asia during 2024 and 2025. These projects will focus on capacity building, national development priorities, stock exchange guidance, and development of regulations.

 

New York, July 31, 2024 – United Nations Development Programme (UNDP), Global Reporting Initiative (GRI), GSG Impact, IFRS Foundation, and International Organization for Standardization (ISO) have forged a unique alliance to support the adoption of international standards that improve company’s sustainability disclosures around the world.

 

Expanding upon the existing partnership between UNDP and the IFRS Foundation’s International Sustainability Standards Board, initially established through a Partnership Framework launched at COP27 in 2022, this strengthened collaboration will see UNDP take the lead in establishing Sustainability Disclosure and Management Hubs (SDMHs). These collaborative platforms will help facilitate the adoption of sustainability disclosure and management standards, including IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, the GRI Standards for impact reporting and management standards developed by ISO and UNDP.

 

“We are excited to collaborate with Global Reporting Initiative (GRI), GSG Impact, IFRS Foundation (IFRS), and International Organization for Standardization (ISO) in launching the SDMHs, a remarkable step forward in advancing global sustainability disclosure and management standards.” said Marcos Neto, Assistant Secretary General, Assistant Administrator and Director, Bureau for Policy and Programme Support of the United Nations Development Programme (UNDP). “These hubs will empower developing and emerging economies, fostering capacity building in sustainability disclosure and management while aligning with their national development priorities through a comprehensive approach.”

 

In 2024, the SDMHs are set to execute their pilot projects in six developing and emerging economies in Latin America and the Caribbean, Africa, and Asia, focusing on capacity building, national development priorities, stock exchange guidance, and development of regulations. These projects will be executed in collaboration with UNDP Financial Centres for Sustainability Network (FC4S) Members. In 2025, the initiative is set to expand to eight additional countries, thereby encompassing a total of 14 countries under the program.

 

“The introduction of the ISSB Standards globally can help deliver decision-useful, consistent and comparable information to investors globally, advancing the understanding of the sustainability-related risks and opportunities companies face. To secure this, guidance, education and training is needed. We applaud UNDP for their leadership in establishing sustainability disclosure hubs. We look forward to partnering closely to support this vital work,” said Jingdong Hua, Vice-Chair, International Sustainability Standards Board (ISSB).

 

“The increased demand for comparable, quality data related to the impacts of companies’ operations and products, as well as the financial implications of those impacts on the business, adds pressure up and down global value chains. We are proud to be part of this initiative from UNDP, which supports companies and governments to understand how our various disclosure mechanisms and frameworks complement each other to increase transparency, support sustainable development and help companies remain competitive,” said Peter Paul van de Wijs, Chief External Affairs Officer of the Global Reporting Initiative (GRI).

 

“We are extremely pleased to have recently formalized our collaboration with UNDP. The SDMH initiative is another opportunity to have the meaningful impact together that we would not be able to achieve alone. We look forward to bringing the value of ISO to the partnership and working with all involved. Our standards are more powerful together. By demonstrating the connection and interoperability between them, we will be building capacity in countries with developing and emerging economies to more effectively and efficiently manage sustainability disclosures,” said Sergio Mujica, Secretary General of International Organization for Standardization (ISO).

 

“As long-standing partners of UNDP, and members of the IFRS Foundation’s ISSB Sustainability Consultative Committee and Partnership Framework for Capacity Building, we are delighted to support the establishment of SDMHs, through close collaboration at the global level and also through our GSG National Partners in emerging economies included in the 2024-2025 leg of the UNDP initiative. We expect this to build on and be closely coordinated with our ongoing efforts to ensure adequate levels of inclusivity from key stakeholders in emerging and development economies in global sustainability disclosure standard setting efforts – as part of our mission to advance wider impact transparency, which has seen us work hand in hand with UNDP FC4S and UNDP´s country offices from 2023,” said Nick Hurd, Chair of GSG Impact and the Impact Taskforce.

 

The SDMHs will harness global expertise by engaging with partners to enhance outreach, communication, and resource-sharing, ensuring the success of this initiative.

 

About UNDP

As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is centred around six signature development solutions: poverty and inequality, governance, resilience, environment, energy and gender equality.

Learn more at www.undp.org or follow at @UNDP

 

About UNDP SFH

The Sustainable Finance Hub brings together UNDP’s financial expertise to harness public and private capital for the Sustainable Development Goals (SDGs) – supporting governments, investors and businesses in reaching climate, social impact and sustainability targets. Its work drives systemic change towards a sustainable financial architecture that benefits people and the planet.

Find out more about its integrated services that ensure all finance is sustainable, at https://sdgfinance.undp.org or follow at @UNDP_SDGFinance

 

About UNDP FC4S Network

The Financial Centres for Sustainability (FC4S) Network is a global network of 44 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S is hosted by UNDP’s Sustainable Finance Hub.

Learn more at www.fc4s.org or follow at @FC4SNetwork

 

About the Global Reporting Initiative (GRI)

Global Reporting Initiative (GRI) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing the global common language to report those impacts. The GRI Standards are the world’s most widely used sustainability reporting standards, which are developed through a multi-stakeholder process and provided as a free public good.

For further information, please visit www.globalreporting.org

 

About GSG Impact

GSG Impact, active in over 50 countries, works to progress the transformation of global financial systems, so that every investment, business and government spending decision takes into account impact, as well as risk and return.

The GSG Impact Partnership is a growing community of national partners dedicated to advancing impact locally and globally. GSG Impact supports the development and work of the national partners. We harness our collective voice to advocate for impact globally, and advance impact through innovation, knowledge sharing, convening and collaboration.

For detailed information, please visit www.gsgimpact.org

 

About IFRS Foundation

The IFRS Foundation is a not-for-profit organisation created in 2001 to develop— in the public interest—high-quality, understandable, enforceable and globally accepted standards for general purpose financial reporting, and to promote and facilitate their adoption.

The International Sustainability Standards Board (ISSB) is an independent sustainability disclosure standard-setting body of the IFRS Foundation. The ISSB issues IFRS Sustainability Disclosure Standards and the IFRS Sustainability Disclosure Taxonomy, which enables digital reporting. The ISSB also maintains the SASB Standards. IFRS Accounting Standards, set by the International Accounting Standards Board, are required in more than 140 jurisdictions.

For detailed information, please visit www.ifrs.org

 

About the International Organization for Standardization (ISO)

ISO, the International Organization for Standardization, brings global experts together to agree on the best way of doing things – for anything from making a product to managing a process. As one of the oldest non-governmental international organizations, ISO has enabled trade and cooperation between people and companies the world over since 1946. The International Standards published by ISO serve to make lives easier, safer and better.

For further information, please visit www.iso.org

 

 

Press Contact:

Ayesha Babar
Head of Strategic Coordination and Communications
UNDP Sustainable Finance Hub
ayesha.babar@undp.org

The UNDP FC4S Secretariat had the honor of participating in the Bridging Africa-Europe SDG Investment Summit from 3 – 5 June 2024 in Kenya. Engaging in profound discussions on mobilizing private capital towards the Sustainable Development Goals (SDGs) in Kenya and across Africa was a truly enriching experience. 

The summit was a remarkable showcase of SDG-aligned enterprises in Kenya such as the Kenya Private Sector Alliance, Kenya Association of Manufacturers, and the Africa Venture Philanthropy Alliance (AVPA), as well as government representatives, including Cabinet Secretary Prof. Njuguna Ndung’u. This diverse array underscored the essential contribution of various associations and the government in driving capital flows towards impactful enterprises. 

The African region, and especially Kenya, Nigeria and Rwanda, is rapidly emerging as a global leader in sustainable finance innovations, putting them at the forefront of creating solutions that benefit the entire planet. Discussions at the summit emphasized the critical need for an enabling environment for SDG investments, showcasing successful case studies and innovative financial mechanisms. It was clear that collaborative efforts between the private sector, government, and non-profit organizations are vital for unlocking Africa’s sustainable finance potential. 

The FC4S team was represented by Stephen Nolan, Managing Director of UNDP FC4S, Oscar Njuguna, CEO of the Nairobi International Finance Center and Co-chair of the UNDP FC4S network, and Kennedy Mmasi, UNDP SDG Investment Lead.  

PRESS RELEASE 

UNDP’s Financial Centres for Sustainability Network (FC4S) announces its new Co-Chairs, Mr. Pat Cox and Mr. Oscar Njuguna, to drive sustainable finance efforts on a global scale.

New York, 16 May 2024: UNDP’s Financial Centres for Sustainability (FC4S) network is pleased to announce the appointment of Mr. Pat Cox and Mr. Oscar Njuguna as its new co-chairs. FC4S, hosted by UNDP’s Sustainable Finance Hub, is a global network of 43 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. It is estimated the FC4S represents 82% of the global equity market and US$84 trillion equity market capitalisation.

 

As co-chairs of the FC4S Secretariat’s Steering Committee, Mr. Cox and Mr. Njuguna will work closely with FC4S members and stakeholders to drive collaboration and innovation in sustainable finance initiatives. A former President of the European Parliament, Mr. Pat Cox has spent the past decade supporting the sustainable finance agenda while Chief Executive Officer of the Nairobi International Financial Centre (NIFC), Mr. Oscar Njuguna brings over two decades of international experience in financial services, policy, and regulation. Their collective wealth of experience and distinguished careers will be instrumental in propelling FC4S towards a new echelon of impact and influence in the sustainable finance landscape.

 

“We are delighted to welcome Mr. Pat Cox and Mr. Oscar Njuguna as our new co-chairs,” said Mr. Marcos Neto, Assistant Secretary General, Assistant Administrator and Director, Bureau for Policy and Programme Support of the United Nations Development Programme (UNDP). “Their combined expertise and leadership will be invaluable in steering FC4S towards greater impact and influence in the realm of sustainable finance. We look forward to their guidance as we work collaboratively to drive positive change across financial centres worldwide.”

 

Mr. Pat Cox stated, “I am honoured to take on this role as co-chair of FC4S. Sustainable
finance is crucial for driving positive change globally, and I am committed to using my best endeavours to advance FC4S’s mission.”

 

Mr. Oscar Njuguna commented, “I am excited to join FC4S as co-chair and contribute to its efforts in promoting sustainable finance. Together with the dedicated FC4S team, I look forward to driving innovation and collaboration to address pressing sustainability challenges.”

 

For more information about FC4S and its initiatives, please contact:

Ms. Ayesha Babar at ayesha.babar@undp.org

Head of Strategic Coordination and Communications, UNDP Sustainable Finance Hub

 

 

About UNDP:

As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is concentrated in three focus areas; sustainable development, democratic governance and peace building, and climate and disaster resilience.

Learn more at undp.org or follow at @UNDP

 

About UNDP SFH:

The UNDP Sustainable Finance Hub brings together UNDP’s financial expertise to harness public and private capital for the Sustainable Development Goals (SDGs)- supporting governments, investors, and businesses in reaching climate, social impact and sustainability targets. Its work drives systemic change towards a sustainable financial architecture that benefits people and the planet.

Find out more about its integrated services that ensure all finance is sustainable, at sdgfinance.undp.org or follow @UNDP_SDGFinance

 

About UNDP FC4S Network:

The UNDP’s Financial Centres for Sustainability (FC4S) Network is a global network of 43 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S is hosted by UNDP’s Sustainable Finance Hub.

Learn more at fc4s.org and LinkedIn undp-fc4s or follow @FC4SNetwork

 

The FC4S members include:

Abidjan – Abidjan International Finance Center, Abu Dhabi – Abu Dhabi Global Market (ADGM), Astana – Astana International Financial Centre, Auckland – Centre for Sustainable Finance Toitū Tahua, Barcelona – Barcelona Centre Financer Europeu (BCFE), Beijing – Institute of Finance and Sustainability, Busan – Busan Finance Centre, Cairo – Financial Regulatory Authority (FRA), Canberra – Australian Sustainable Finance Institute, Casablanca – Casablanca Finance City, Dubai – Dubai International Financial Centre (DIFC), Dublin – International Sustainable Finance Centre of Excellence (ISFCOE), Edinburgh – Global Ethical Finance Initiative (GEFI), Frankfurt – Green and Sustainable Finance Cluster Germany, Geneva – Sustainable Finance Geneva (SFG), Glasgow – Global Ethical Finance Initiative (GEFI), Guernsey – Guernsey Finance, Gujarat – International Financial Services Centres Authority, Hong Kong – Hong Kong Green Finance Association, Jersey – Jersey Finance, Kuala Lumpur – Capital Markets Malaysia, Lagos – The Financial Centre for Sustainability Lagos, Liechtenstein – Liechtenstein Bankers Association, Lisbon – Lisbon Grupo de Reflexão para o Financiamento Sustentável (GRFS), London – City of London Corporation, Luxembourg – Luxembourg Sustainable Finance Initiative, Madrid – The Centre for Responsible and Sustainable Finance (FINSREP) in Spain, Mexico – Mexican Council of Sustainable Finance, Milan – ESGeneration Italy, Mongolia – Mongolian Sustainable Finance Association (MSFA), Montréal – Finance Montréal, Nairobi – Nairobi International Financial Centre, New York – U.S. Alliance for Sustainable Finance, Paris – Finance for Tomorrow, Rio de Janeiro – Financial Innovation Laboratory (LAB), Rwanda – Kigali International Financial Centre, Seoul – Seoul Metropolitan Government, Shanghai – Lujiazui Financial City, Shenzhen – Shenzhen Green Finance Committee, Stockholm – Stockholm Green Fintech, Stuttgart – Stuttgart Financial, Tokyo – FinCity.Tokyo, Zurich – Swiss Sustainable Finance