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.

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

UNDP’s Financial Centres for Sustainability Network launches a comprehensive Gender Finance Booklet, in collaboration with UN Women, to advance gender equality within financial services.

 

 

Dubai, 4 December 2023 – The United Nations Development Programme's (UNDP) Financial Centres for Sustainability (FC4S) Network unveiled its ground-breaking Gender Finance Booklet during the Gender and Finance Day at COP28 today, reflecting a strategic collaboration with UN Women.

 

The United Nations Development Programme’s (UNDP) Financial Centres for Sustainability Network (FC4S) has launched a comprehensive Gender Finance Booklet to provide tailored guidance for Financial Centres seeking to integrate a gender lens within their organizations and in the financial sector.

 

The FC4S Gender Finance Booklet is an extension of the FC4S Gender Finance Charter, a pioneering initiative developed by the FC4S Gender Finance Working Group. The Charter garnered endorsement from 21 FC4S members and was officially launched at the FC4S Annual General Meeting in Dublin in September this year. It defined ten fundamental principles encouraging Financial Centres to champion women’s leadership and representation across their ecosystems, enhance women’s access to finance and focus on women-owned and women-led businesses. The principles prioritized transparency in gender performance, provided guidance for the establishment of gender-related targets and advocated for the development and adoption of gender-responsive financial products and practices.

 

The FC4S Gender Finance Booklet, enriched by the valuable input and real-world examples contributed by FC4S members, serves as a comprehensive guide. It leads Financial Centres through the principles outlined in the Charter, providing detailed actions, practical tools, and case studies. This collectively crafted booklet is a valuable resource, ensuring the success of Financial Centres in their journey towards gender equality.

 

“It’s really special to be included in the unveiling of the Gender Finance Booklet, a ground-breaking guide made possible through the support of the Government of Ireland,” said Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance of Ireland. “It really is a strong endorsement of everyone’s collective commitment to advancing gender equality not only within financial services but also on a global scale. This booklet builds upon the Gender Finance Charter in Dublin and marks the next big step forward in our shared journey toward a more equitable and prosperous future.”

 

“We need to change the way we do finance if we want to achieve gender equality. The financial services sector has an immense potential to shape economies and societies and make them more equitable. This landmark Gender Finance Booklet provides practical, achievable, and impactful actions that can be adopted by Financial Centres globally,” said Raquel Lagunas, UNDP Director of Gender Equality. “We hope that this collaboration can help match our global collective commitments on gender equality with the necessary investments and adequate financial architecture.”

 

“Gender equality is a fundamental pillar within the mission of the FC4S Network, and we take great pride in the collaborative efforts of our members that have led to the launch of this guidance on gender finance today,” said Lamia Merzouki, Chair FC4S and Deputy General Manager, Casablanca Finance City Authority. “The Gender Finance Booklet serves as a valuable tool for Financial Centres, empowering them to navigate and succeed in their gender finance journey.”

 

“UN Women is pleased to partner with UNDP’s Financial Centres for Sustainability Network to develop guidance for financial centres to advance gender equality,” said Jemimah Njuki, Chief, Economic Empowerment at UN Women. “The Gender Finance Booklet provides a concrete range of actions and lessons from across the globe, which could change the ways in which financial centres operate, by including an intentional focus on contributing to women’s empowerment.”

 

Co-developed with UN Women, the FC4S Gender Finance Booklet reinforces the commitment of both organizations to financing for gender equality. It sets a standard for Financial Centres globally, providing a comprehensive approach to implementing the Charter for Gender Finance.

 

Looking ahead to 2024, FC4S plans to complement this guidance with training programs for member financial centres. The FC4S Network remains steadfast in its commitment to advancing gender finance, collaborating with partners and financial centres worldwide.

 

The FC4S Gender Finance Booklet can be viewed here: https://bit.ly/3uSmCdK

 

 

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

 

About UNDP FC4S Network:

The UNDP’s Financial Centres for Sustainability (FC4S) Network is a global network of 40 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 UN Women:

UN Women is the UN organization dedicated to gender equality and the empowerment of women. A global champion for women and girls, UN Women was established to accelerate progress on meeting their needs worldwide. UN Women supports UN Member States as they set global standards for achieving gender equality and works with governments and civil society to design laws, policies, programmes and services needed to implement these standards. It stands behind women’s equal participation in all aspects of life, focusing on five priority areas: increasing women’s leadership and participation; ending violence against women; engaging women in all aspects of peace and security processes; enhancing women’s economic empowerment; and making gender equality central to national development planning and budgeting. UN Women also coordinates and promotes the UN system’s work on advancing gender equality. Through its Sustainable Finance Programme funded by the Grand Duchy of Luxembourg, UN Women seeks to support initiatives that unlock the capital required to finance progress towards gender equality.

 

 

PRESS CONTACT:

 

Ayesha Babar

Strategic Coordination and Communications Specialist, UNDP Sustainable Finance Hub

Ayesha.babar@undp.org

UNDP FC4S Network releases results of its Assessment Programme (AP) 2023, evaluating the state of sustainable finance in international financial centres.

 

Dubai, 4 December 2023: UNDP FC4S Network, a global platform of financial centres working to accelerate the expansion of sustainable finance, released results of its Assessment Programme (AP) 2023 at COP28 today. The AP is the first initiative of its kind that assesses the progress and potential of financial centres in aligning their activities with the Sustainable Development Goals (SDGs) and the Paris Agreement. Its 2023 results reveal five key insights that can inform the actions and strategies of financial centres and their stakeholders to advance sustainable finance.

This includes aligning the persisting challenges of non-financial data quality and availability to facilitate a cohesive and consistent approach to sustainability disclosure, further bridging the funding gap for sustainable development; prioritising the co-creation of an enabling environment in financial policies and regulations, within the jurisdictions of financial centres, designed to effectively mitigate sustainability risks and promote the inflow of sustainable capital; minding the educational gap by sharing expertise to uplift struggling regions and foster a more sustainable and inclusive financial landscape worldwide; the prospect of continued growth in the sustainable debt market, and the role of stock exchanges in developing the market, especially in developing economies; the role of market participants, such as banks, asset owners, asset managers, and insurers, in transforming the financial system by making commitments and allocating capital to sustainable finance, and the need for viable investment opportunities and innovative financing mechanisms.

The AP 2023 results are based on a survey of 26 financial centres, representing a diverse range of regions, income levels and financial market sizes. The FC4S Network aims to leverage the role of financial centres in mobilizing the financial resources and innovation needed to achieve the SDGs and the Paris Agreement.

The full report is available at https://bit.ly/3R9WmDc while the document summary can be accessed at https://bit.ly/4a4nZ9u

 

 

About UNDP FC4S Network:

The UNDP’s Financial Centres for Sustainability (FC4S) Network is a global network of 40 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

Strategic Coordination and Communications Specialist, UNDP Sustainable Finance Hub

Ayesha.babar@undp.org

 

UNDP’s Financial Centres for Sustainability (FC4S) Network launches Gender Finance Charter to advance gender equality in sustainable finance.

Dublin, 26 September 2023 – United Nations Development Programme's (UNDP) Financial Centres for Sustainability (FC4S) Network announced the launch of a ground-breaking Gender Finance Charter in its Annual General Meeting today. To date, 21 financial centres have pledged their support and pledged to take concrete actions throughout 2024 for advancing gender equality in the realm of sustainable finance.


Marcos Neto, Director UNDP Sustainable Finance Hub said:


“On our journey towards sustainable finance and a more equitable world, the Gender Finance
Charter serves as a foundational instrument, deepening UNDP’s Financial Centres for Sustainability (FC4S) Network work on the path to sustainable and more equitable finance. It not only encapsulates our core values but is also a powerful tool for transformation towards gender-responsive sustainable finance.”

The Gender Finance Charter defines ten fundamental principles which offer a pragmatic and actionable framework, encouraging member financial centres to implement a minimum of two principles through tailored action plans or initiatives within the next year. These principles encourage to lead by example, fostering gender equality and diversity within their organizations and become champions of financial education as a potent means to empower women.

Moreover, these principles inspire financial centres to champion women’s leadership and representation across their ecosystems and prioritize transparency in gender performance, provide guidance for the establishment of gender-related targets and advocate for the development and adoption of gender-responsive financial products and practices. Simultaneously, they are resolute in their commitment to enhancing women’s access to finance, focusing on women-owned and women-led businesses.


Minister Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance of Ireland said:


“This Gender Finance Charter is of global significance in financial services and I am delighted that it is being launched here in Dublin.  It has the potential to significantly advance gender equality, not just in financial services, but more broadly across the globe.


“I want to congratulate the representatives from over 40 financial centres around the world for demonstrating true leadership in being here to sign up and commit to the Charter.  On behalf of the Government of Ireland, I want to commend FC4S for spearheading this initiative.”

In conjunction with the Gender Finance Charter, the UNDP’s FC4S Gender Working Group is working in partnership with UN Women on a co-branded Gender Finance Booklet. The Gender Finance Booklet will be a comprehensive resource that equips all FC4S members with the necessary tools and guidance for effective implementation of the Gender Finance Charter’s principles.


Kali Taylor, Community Manager of Sustainable Finance Geneva and G
ender Working Group Chair said:


"Gender has been a priority of the Geneva financial centre since 2021, so we are thrilled to join this broader movement of financial centres committing to this important topic. We see this as an excellent opportunity to learn from our peers, collaborate, and push for gender equality in Geneva and globally."

Among the list of endorsers of the Gender Charter are Abu Dhabi Global Market, Astana International Financial Centre, Barcelona Centre Financer Europeu, Capital Markets Malaysia, Casablanca Finance City Authority, Consejo Mexicano de Finanzas Sostenibles, ESGeneration Italy, FC4S Lagos, Finance Montréal, Hong Kong Green Finance Association, International Sustainable Finance Centre of Excellence, Laboratório de Inovação Financeira, Liechtenstein Bankers Association, Luxembourg Sustainable Finance Initiative, Mongolian Sustainable Finance Association, Nairobi International Financial Centre, Kigali International Financial Centre, Stockholm Green FinTech, Sustainable Finance Geneva, Green and Sustainable Finance Cluster Germany and We Are Guernsey.

The UNDP’s FC4S Secretariat will conduct a comprehensive survey by the end of 2024 to assess the progress and collective impact achieved by endorsing financial centres. Additionally, it will provide ongoing support to its members in implementing the selected principles of the Charter through capacity-building activities based on the 10 principles outlined in the Charter.

ENDS

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 40 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 @FC4Snetwork

The FC4S members include:

Abidjan – Ministry of Economy and Finance, Abu Dhabi - Abu Dhabi Global Market,

Astana - Astana International Financial Centre, Barcelona - Barcelona Centre Financer Europeu for Sustainability, Beijing - Institute of Finance and Sustainability, Busan - Busan Finance Centre, Cairo - Financial Regulatory Authority, Casablanca - Casablanca Finance City,

Dublin - International Sustainable Finance Centre of Excellence, Edinburgh - Global Ethical Finance Initiative, Frankfurt - Green and Sustainable Finance Cluster Germany, Geneva - Sustainable Finance Geneva, Glasgow - Global Ethical Finance Initiative, Guernsey - Guernsey Green 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, Liechtenstein - Liechtenstein Bankers Association, Lisbon - Grupo de Reflexão para o Financiamento Sustentável, London - City of London Corporation, Luxembourg - The Luxembourg Sustainable Finance Initiative, Madrid - The Spanish Centre for Responsible and Sustainable Finance, Mexico - Mexican Council of Sustainable Finance, Milan - ESGeneration Italy, Mongolia - The Mongolian Sustainable Finance Association, Montréal - Finance Montréal,

Nairobi - Nairobi International Finance Centre Authority, New York - U.S. Alliance for Sustainable Finance, Paris - Institut De La Finance Durable, Rio de Janeiro - The Laboratory of Financial Innovation, Rwanda - Kigali International Financial Centre, Seoul - Seoul Metropolitan Government, Shanghai - Lujiazui Financial City Green Finance Development Center, Shenzhen - Shenzhen Green Finance Committee, Stockholm - Stockholm Green Digital Finance, Stuttgart - Stuttgart Financial, Tokyo - FinCity.Tokyo, Zurich - Swiss Sustainable Finance

Press Contact:

Ayesha Babar

Strategic Coordination and Communications Specialist, UNDP Sustainable Finance Hub

Ayesha.babar@undp.org

Cónán Ó Broin

Drury Communications (Dublin)

+353 86 1089857 / conan.obroin@drury.ie

AGM of UNDP’s Financial Centres for Sustainability (FC4S) Network launches its Gender Finance Charter to mainstream gender considerations within sustainable finance during its Annual General Meeting.

Members of FC4S sign a milestone Gender Charter to advance gender equality in sustainable finance.

 

Dublin, 26 September 2023: 35 global international financial centres participated in the Annual General Meeting (AGM) of United Nations Development Programme’s (UNDP) Financial Centres for Sustainability Network (FC4S) in Dublin today.

 

In his welcome remarks, Haoliang Xu, Under-Secretary-General and Associate Administrator of UNDP while addressing FC4S members said: “FC4S gathers leading financial centres with a strong network in both private and public financial institutions. It embodies the spirit of collaboration and partnership, not only within its members, but also with the broader financial sector. FC4S’s ability to crowd-in knowledge and resources of private financial institutions is pivotal in achieving our shared sustainable finance objectives.

 

Opening the AGM, Lamia Merzouki, Chief Operating Officer of Casablanca Finance City Authority and Chair of FC4S said: “I am delighted to participate in the FC4S AGM in Dublin and would like to warmly thank the Irish government for hosting us. We are at the halfway point to the 2030 Agenda and the SDGs are still facing significant challenges with only 15% of the SDGs on track. In this context, it is essential to highlight the role of financial centres in leading a positive transformation towards a more inclusive and sustainable finance.”

 

A Gender Finance Charter, based on ten fundamental principles, was launched during the AGM as well. These principles guide the financial centres to integrate gender considerations into their interactions with stakeholders and become champions of financial education as a potent means to empower women. Moreover, these principles inspire financial centres to champion women’s leadership and representation across their ecosystems and prioritize transparency in gender performance, provide guidance for the establishment of gender-related targets and advocate for the development and adoption of gender-responsive financial products and practices. Simultaneously, they are resolute in their commitment to enhancing women’s access to finance, focusing on women-owned and women-led businesses.

 

Marcos Neto, Director UNDP Sustainable Finance Hub said: “On our journey towards sustainable finance and a more equitable world, the Gender Finance Charter serves as a foundational instrument, deepening UNDP’s Financial Centres for Sustainability (FC4S) Network work on the path to sustainable and more equitable finance. It not only encapsulates our core values but is also a powerful tool for transformation towards gender-responsive sustainable finance.”

 

Minister Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance of Ireland said: “This Gender Finance Charter is of global significance in financial services, and I am delighted that it is being launched here in Dublin.  It has the potential to significantly advance gender equality, not just in financial services, but more broadly across the globe. I want to congratulate the representatives from financial centres around the world for demonstrating true leadership in being here to sign up and commit to the Charter.  On behalf of the Government of Ireland, I want to commend FC4S for spearheading this initiative.”

21 FC4S members have endorsed the Charter till now and have committed to take concrete actions throughout 2024 to mainstream gender considerations within sustainable finance. In conjunction with the Charter, the FC4S Gender Working Group (GWG) is also working on a Gender Finance Booklet, a comprehensive resource that equips all FC4S members with the necessary tools and guidance for effective implementation of the Charter's principles.

Kali Taylor, Community Manager of Sustainable Finance Geneva and Gender Working Group Chair said: "Gender has been a priority of the Geneva financial centre since 2021, so we are thrilled to join this broader movement of financial centres committing to this important topic. We see this as an excellent opportunity to learn from our peers, collaborate, and push for gender equality in Geneva and globally."

 

Members of the FC4S were briefed on the development of the SDG Investment Pipeline Building program which has kickstarted in Africa with a pilot focus on Kenya, Nigeria and Rwanda. The SDG Pipeline building program has seen success through a series of multistakeholder engagements between the UNDP country offices, financial centres, and investment intermediaries in identifying and vetting a regional pipeline of SDG Investment ready projects for capital deployment. Key highlights from the program featured a presentation of the developed SDG Pipeline of projects in Nigeria, which has been developed through a successful partnership and collaboration between FC4S Lagos, UNDP Nigeria, UNCDF and the investment intermediary- Impact Investment Exchange.

 

Members during the AGM were also updated regarding the FC4S Assessment Programme (AP). The AP, a pioneering initiative, serves as a comprehensive evaluation of sustainable finance practices across key international financial centres. The programme surveys both private and public financial sector actions and their contributions to the UN Sustainable Development Goals, offering valuable insights into the state of green and sustainable finance worldwide. A forthcoming global report, which will aggregate data from the AP 2023 edition, will provide a valuable resource for informed decision-making and accelerating the transformation towards a more sustainable financial landscape.

 

Stephen Nolan, Managing Director UNDP FC4S while closing the AGM said: "Celebrating the coming together of 35 international financial centres in Dublin, UNDP’s FC4S Annual General Meeting is about making a real impact on sustainable finance and gender equality. We're delighted about the Gender Finance Charter launch, the SDG Investment Pipeline Builder and our Assessment program. These show how committed we are to reshaping finance for a better, fairer world. Together, we're not just talking about change; we're working hard to create a financial world that's more sustainable and inclusive."

 

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 @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 40 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 @FC4Snetwork

 

The FC4S members include:

Abidjan – Ministry of Economy and Finance, Abu Dhabi - Abu Dhabi Global Market,

Astana - Astana International Financial Centre, Barcelona - Barcelona Centre Financer Europeu for Sustainability, Beijing - Institute of Finance and Sustainability, Busan - Busan Finance Centre, Cairo - Financial Regulatory Authority, Casablanca - Casablanca Finance City Authority,

Dublin - International Sustainable Finance Centre of Excellence, Edinburgh - Global Ethical Finance Initiative, Frankfurt - Green and Sustainable Finance Cluster Germany, Geneva - Sustainable Finance Geneva, Glasgow - Global Ethical Finance Initiative, Guernsey - Guernsey Green 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, Liechtenstein - Liechtenstein Bankers Association, Lisbon - Grupo de Reflexão para o Financiamento Sustentável, London - City of London Corporation, Luxembourg - The Luxembourg Sustainable Finance Initiative, Madrid - The Spanish Centre for Responsible and Sustainable Finance, Mexico - Mexican Council of Sustainable Finance, Milan - ESGeneration Italy, Mongolia - The Mongolian Sustainable Finance Association, Montréal - Finance Montréal,

Nairobi - Nairobi International Finance Centre Authority, New York - U.S. Alliance for Sustainable Finance, Paris - Institut De La Finance Durable, Rio de Janeiro - The Laboratory of Financial Innovation, Rwanda - Kigali International Financial Centre, Seoul - Seoul Metropolitan Government, Shanghai - Lujiazui Financial City Green Finance Development Center, Shenzhen - Shenzhen Green Finance Committee, Stockholm - Stockholm Green Digital Finance, Stuttgart - Stuttgart Financial, Tokyo - FinCity.Tokyo, Zurich - Swiss Sustainable Finance

 

Press Contact:

Ayesha Babar

Strategic Coordination and Communications Specialist, UNDP Sustainable Finance Hub

Ayesha.babar@undp.org

Ireland announces €2.5 million support, at COP27, for United Nations Development Programme (UNDP) climate finance activities

Sharm El-Sheikh, November 16, 2022: While attending the United Nations climate talks – COP27 – Irish Minister for the Environment, Climate and Communications, Eamon Ryan announced funding support of €2.5 million to United Nations Development Programme (UNDP) climate finance activities. 

A special report commissioned for COP27 found that by 2025, $1 trillion in investment per year will be needed to cut greenhouse gases and increase climate action in developing and emerging economies. This rises to $2.4 trillion per year by 2030.

As part of its new Strategic Plan (2022-2025), UNDP is scaling its financing work with the aim of promoting over $1 trillion investment of public expenditure and private capital in the Sustainable Development Goals (SDGs). The Plan recognizes that strong partnerships – with governments and the private sector – are central to achieving this. Key to this are financial centres, with the UNDP Financial Centres for Sustainability (FC4S) network primed to play a leading role.

A network of 39 members across Asia, Africa, the Americas, the Gulf and Europe, with Irish support FC4S is now scaling up its activities. Forming part of this programme of work, Irish support will be utilised to establish the UNDP FC4S SDG Pipeline Builder programme. The aim of the Pipeline Builder is to provide investors with opportunities to support emerging market and developing economies with country-level SDG aligned investable projects. Initial activities have been planned in Kenya and Nigeria, in partnership with UNDP FC4S members Nairobi International Financial Centre and FC4S Lagos.

 

This initiative supports existing UNDP activities, in particular the SDG Investor Maps, a market intelligence tool that identifies investment opportunity areas for private investment aligned with national development plans. To date, through UNDP’s support, 15 countries in Africa have now developed their SDG Investor Maps.

Minister Eamon Ryan, Irish Department of the Environment, Climate and Communications, said: ““The scale of the challenge we face with climate change is beyond compare. We have to work hard and fast, together, if we have any chance of addressing them. There is no opt out. There is no easy route, starting with how we finance our ambitions. Delivering on our collective climate goals will require mobilising even greater levels of sustainable financing. Through our support of the UNDP FC4S initiative we are maximising the potential for achieving the SDGs by ensuring that emerging markets and the developing economies efforts are being supported. As an established financial centre, Ireland is building a strong track record in sustainable finance and we look forward to working with our UN partners to accelerate international efforts in this space.”  

As people across the globe witness the effects of an intensifying climate emergency in 2022, UNDP is working with our partners to unlock $1 trillion in sustainable finance that is pivotal to tackle climate change, protect our natural world and drive progress across all 17 Sustainable Development Goals,” says UNDP Administrator, Achim Steiner. “Financial Centres, defined by their cutting-edge expertise in mobilising sustainable finance will be a fulcrum to achieve this moonshot, which seems a huge figure on face value yet represents just 0.24% of total global wealth.”

 

Stephen Nolan, Managing Director, UNDP FC4S network noted: “A UNDP Sustainable Finance Hub flagship initiative, today FC4S members collectively represent US$84 trillion equity market capitalisation, with members based in Africa, Asia, the Americas, the Gulf and Europe. Minister Ryan’s support will allow FC4S turbocharge its support to our members, particularly those in emerging market and developing economies, with a particular emphasis on mobilising greater amounts of capital required to meet the Paris Agreement and SDGs.” 

 

ENDS 

 

Further media information:   

Ayesha Babar, UNDP  

Email: Ayesha.babar@undp.org  

 

Notes for editors: 

 

COP27  

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change – COP27 – is bringing together heads of state, ministers, and negotiators, along with climate activists, mayors, civil society representatives and CEOs in November 2022 in Sharm El-Sheikh, Egypt, for the largest annual gathering on climate action. COP27 will build on the outcomes of COP26 to deliver action on an array of issues critical to tackling the climate emergency and deliver on the objectives of the Paris Climate Agreement – from urgently reducing greenhouse gas emissions, building resilience, and adapting to the inevitable impacts of climate change, to delivering on the commitments to finance climate action in developing countries.  As the focus at this year’s conference moves to adaptation to climate change, the role of private finance in building societal resilience to physical climate change impacts is key.  

 

UNDP Financial Centres for Sustainability (FC4S)

 

Established end-2018, the Financial Centres for Sustainability (FC4S) Network is a network of 39 financial centres working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S was born out of Italy’s G7 Presidency in 2017. Financial centres are of primary importance to the structure, function, and dynamics of the global economy, north and south where interlocking financial activities such as banking, capital markets, and insurance are concentrated. Through regulatory, coordination and investment channels, financial centres can fundamentally shape the incentives of individual companies to integrate aspects of sustainable development into regular business. The global scale of the collective’s vision is best represented by the regional variety of members across Asia, Africa, the Americas, the Gulf and Europe, who all believe in driving convergence, exchanging experiences, and acting on shared priorities to accelerate the expansion of green and sustainable finance.

 

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Photo: UNDP COP27 pavilion: Eamon Ryan, Irish Minister of the Environment, Climate and Communications; and Ricardo Lara, Insurance Commissioner, State of California and UNDP SIF member.

‘The PACTA Tool’ Webinar – 2nd & 3rd November

We are delighted to to invite you to the webinar 'The PACTA Tool', which will take place on Wednesday 2 November at 16:00 PM CET and Thursday 3 November at 10:00 AM CET, organised by the UNDP Financial Centres for Sustainability Network (FC4S), in association with the Rocky Mountain Institute.

The workshop links to the science-based tools webinars, an FC4S series to present instruments that help address the challenges financial institutions face in reporting, measuring, and disclosing sustainable finance strategies.

In this session, you will learn about the PACTA Tool. Now under the stewardship of RMI, with backing from UN Principles for Responsible Investment, PACTA enables users to measure the alignment of financial portfolios with climate scenarios as well as to analyze specific companies. PACTA has been used by over 1,500 financial institutions worldwide, as well as by supervisors and central banks to assess their regulated entities (e.g. European Insurance and Occupational Pensions Authority (EIOPA), California Department of Insurance, Bank of England, and more). On average, more than 600 portfolios are tested every month using PACTA.

This webinar will be held in English, last one hour, and include a Q&A session to facilitate direct communication with the subject matter expert.

 

Speakers2 November:

  • Maarten Vleeschhouwer - Head of PACTA
  • George Harris - PACTA for Banks Lead

 

3 November:

  • Nayra Herrera - PACTA For Investor Lead
  • Nicholas Dodd - Senior Analyst

 

Please kindly register in the links below:

 

Register via Zoom - 2nd NOVEMBER 2022

 

Register via Zoom - 3rd NOVEMBER 2022

 
 

 

UNDP’s network of leading international financial centres holds their General Annual Meeting in Casablanca to mainstream sustainable finance

Casablanca, 20 October 2022: Over 20 leading financial centres from Africa, Asia, the Americas, the Gulf and Europe representing UNDP’s Financial Centres for Sustainability (FC4S) Network, participated in its 2022 Annual General Meeting in Casablanca today. The meeting was held for the first time after the pandemic. The FC4S members also took part in the Casablanca Finance City Authority (CFCA) inaugural Casablanca Sustainable Finance Dialogue (CSFD).

With the sustainable finance agenda surging, the AGM was a key meeting for UNDP FC4S, not least in the context of November’s international climate talks – COP 27, taking place in Egypt next month. In the context of a rapidly evolving international regulatory environment, the meeting was centered on developing FC4S’s 2023 – 2025 strategic plan.

 

Areas of discussion focused on building on FC4S’s critical role in supporting member financial centres accelerate the mainstreaming of the sustainable finance agenda, and the continued growth of the network as members collectively work to take a quantum leap to support the transition towards net zero activities. In doing so, the FC4S members also support national efforts at limiting climate change and biodiversity loss.

 

Lamia Merzouki, Deputy General Manager CFCA and FC4S Co-Chair says, “In 2017, Casablanca Finance City Authority played host to the meeting that led to the establishment of the UN Financial Centres for Sustainability (FC4S) Network. Now, five years on, today FC4S members collectively represent US$84 trillion equity market capitalisation, with members based in Africa, Asia, the Americas, the Gulf and Europe. And with the inaugural Casablanca Sustainable Finance Dialogue offering an ideal opportunity for delegates to familiarise themselves with the sustainability challenges facing African economies as well as the solutions that are currently in train, as FC4S Co-Chair I am delighted to welcome fellow FC4S members to Casablanca. I look forward to a engaging few days with colleagues and friends as a precursor to COP27.”

 

Marcos Neto, Director UNDP Sustainable Finance Hub, said on the occasion that “The world now desperately needs an economic governance architecture which is deliberately designed to support governments, development agencies, civil society and the private sector to make decisions that prioritize investment in the Sustainable Development Goals and the Paris Agreement. As a UNDP Sustainable Finance Hub flagship initiative and in advance of the upcoming climate talks – COP27, taking place in Africa I am delighted to see FC4S members meet in Casablanca this week.”

 

Stephen Nolan, Managing Director UNDP FC4S while inaugurating the AGM said that “The moment is right for leading financial centres to take a quantum leap to transition in this direction; in doing so, serve the needs of the real economy and support efforts at limiting climate change and biodiversity loss. As one such financial Centre, Casablanca is leading from the front as it seeks to turbocharge sustainable finance activities that support the achievement of the Sustainable Development Goals

Mongolia launches guidelines on corporate ESG and Sustainability reporting  

Mongolia launches guidelines on corporate ESG and Sustainability reporting

 

ULAANBAATAR, Mongolia, August 2022 – Mongolia released today a set of guidelines to help listed companies, prospective issuers, and other interested companies disclose their sustainability practices.

 

The Sustainability Reporting Guidance for Mongolian Companies provides an overview of global sustainability reporting frameworks and trends, followed by an eight-step outline of how listed companies and other issuers can build the capacity to report on sustainability. Also included in the document are lists of indicators that companies can select from to fulfill their sustainability disclosure requirements.

 

Sustainability reporting is an organization’s practice of reporting publicly on its significant economic, environmental, and/or social impacts, in accordance with globally accepted standards. Such disclosures enable organizations to measure, understand and communicate their environmental, social, and governance (ESG) goals as well as a company’s progress toward them.

 

“By introducing this ESG disclosure and sustainability reporting guidance in line with international standards, we hope to harness good ESG management and disclosure market practice and help issuers and other financial institutions in creating long-term value that benefits the Mongolian financial market as a whole. We also believe that the public, investors, and stakeholders will benefit from improved transparency and disclosure practices” says Mr. Bayarsaikhan Dembereldash, Chairman of the Financial Regulatory Commission (FRC).

 

Efforts to integrate sustainability in financial analysis and investment globally are often hindered by a lack of quality ESG reporting data. This is also the case in Mongolia where, according to the analysis of a recent study, only 13% of companies listed on the stock exchange publicly disclosed their environmental indicators.

 

A recent survey of 42 companies listed on the Mongolian Stock Exchange (MSE) revealed that current reporting practices on sustainability issues is limited, with more information being disclosed on governance-related indicators compared to environmental and social ones (such as greenhouse gas emissions reduction and climate risks) due to lack of the technical knowledge and skills. The survey, however, noted that companies were willing to engage on sustainability reporting and believe the relevant information can be collected and disclosed if given the right guidance and capacity-building support.

 

The guidance suggests a set of key ESG indicators that companies should consider reporting on, and provides practical resources that companies can explore when preparing their sustainability reports. MSE-listed companies are expected to submit their first sustainability reports in 2023.

 

Listed issuers are strongly encouraged to refer to the guide in the implementation of sustainability practices, as well as annual reporting. Organizations that are not listed on the stock exchange can also use this document as a guide to assess their sustainability reporting practices and identify and address any gaps.

 

The Sustainability Reporting Guidance for Mongolian Companies was developed through a partnership between the FRC, MSE, MSFA, International Finance Corporation (IFC), UNDP-hosted Financial Centres for Sustainability Network (FC4S), United Nations Environment Programme (UNEP), United Nations Development Programme (UNDP) and United Nations (UN) Resident Mission in Mongolia, with support from the Global Environment Facility (GEF) and UN Joint SDG Fund.

Mr. Altai Khangai, the CEO of Mongolian stock exchange says “Adoption of ESG reporting standards in the capital market is a critical step in aligning business activities and private financing with the SDGs. The Mongolian Stock Exchange fully recognizes the role of the capital markets in mobilizing required financing for accelerating sustainable development and will continue working on creating an enabling market environment for ESG investment”.

 

“The goal of business and investors has shifted towards creating long-term stakeholder value and sustained growth,” says Orkhon Onon, Chairman of the Mongolian Sustainable Finance Association (MSFA). “This guidance will be key to aligning Mongolia’s financial system with sustainable development.”

 

“We know from our global and regional experience that investors are increasingly interested in the sustainability agenda. They are actively looking to see how companies are tackling issues such as climate change, gender diversity, or biodiversity and supply chain risks, all factors which impact a company’s bottom line. Regulators too are driving the agenda, as we’ve seen in Mongolia, as they recognize increased disclosure of environmental and social impacts is key to supporting the creation of sustainable capital markets, especially in today’s challenging environment,” said Kate Lazarus, IFC Senior ESG Advisory Lead for Asia Pacific.  IFC has contributed to the adoption of 145 codes, laws, and regulations, 40 scorecards on corporate governance and sustainability, and 11 ESG reporting guidelines worldwide.

 

“The Government of Mongolia is taking important initiatives to revive the local economy and transform it in-line with sustainable development principles. As a main driver to thrive economies, businesses and private sector entities must commit to sustainable corporate practices, including improving its transparency and alignment with the Sustainable Development Goals. Therefore, the UN in Mongolia strongly encourages the Government of Mongolia to demonstrate its leadership in implementing the Integrated National Financing Framework and strategy with its reporting mechanism to catalyze transformative change and accelerate implementation of the SDGs for inclusive and sustainable development for all, which is envisaged in Mongolia’s Vision 2050,” said Mr. Tapan Mishra, UN Resident Coordinator in Mongolia.

 

UNDP Mongolia’s Resident Representative Ms. Elaine Conkievich emphasized the importance of the Sustainability Reporting Guidance and stated, “The adoption of ESG and sustainability reporting standards provides the private sector with the possibility to unlock a variety of opportunities and access potential investment opportunities while integrating sustainability factors into their business decisions and thus contributing towards achieving the SDGs.”

 

“Sustainability reporting offers a solution to the financial community’s growing demand for transparency and accountability. Targeting both listed and non-listed companies, this Guidance offers a practical reference, including frameworks and indicators, to assess their sustainability reporting practices, identify and address any gaps, and plan for continuous improvement. It highlights the relevance of true commitments through assigning roles and keeping these accountable at the firm level. In this way, its application will enable transparently informing external stakeholders and investors on ways in which a company is creating value over time and whether it is making a positive contribution to society” says Ms.Florencia Baldi, Head of FC4S & SIF Knowledge Hub.

 

“This guidance will help Mongolia’s capital market players adequately price sustainability risks and allocate capital accordingly,” says Camille Andre, Manager of the Green Finance Platform. “The Financial Stability Council’s endorsement reflects its commitment to transparency and market discipline.”

 

The Green Finance Platform will support Mongolia’s efforts to build dialogue and engagement around sustainability disclosure guidelines as part of the GEF-funded Aligning Finance Policies project. In addition, the project will support Mongolia’s efforts to advance the Mongolia Sustainable Finance Roadmap, which was approved by the Financial Stability Council (Ministry of Finance of Mongolia, Central Bank of Mongolia, Financial Regulatory Commission, Deposit Insurance Commission) at Mongolia’s first Green Finance Regional Forum in March 2022.