FC4S welcomes South Korean city of Busan to its global financial network
The UN-convened international Network of Financial Centres for Sustainability (FC4S) has today welcomed Busan Finance Center to its global network.
Busan is the second largest city in South Korea, the home to the 12th largest economy in the world. The city joins Seoul as the second FC4S member from South Korea and becomes the 34th member of the network.
Led by Busan Metropolitan City, Busan Finance Center (BFC) was set up in July 2020 by means of public and private sector cooperation with an aim to promote Busan as a leading international financial hub.
BFC works to develop and promote the city as a financial hub, facilitating internal and external cooperation.
One of the key priorities for BFC is to facilitate the development of BFC’s sustainable finance and investing ecosystem, in tandem with the sustainable growth strategies of Busan Metropolitan City. The Center fully recognises the importance of green and sustainable finance to tackle climate change, achieve the Paris Agreement and realise the Republic of Korea’s 2050 Carbon Neutral Strategy.
“It is an honour for Busan Finance Center to join as the member of FC4S. We will make efforts and collaborate with the local government, BFC member institutions, and other economic players to develop sustainable finance crucial for positioning Busan as a financial hub, and take part in 2050 Carbon Neutral Strategy of the Republic of Korea. At the same time, BFC will contribute to accomplishing the objectives of FC4S with other members,” said Jong Hwa Kim, President of Busan Finance Center.
“In joining FC4S, Busan Finance Center is demonstrating to the world it’s sustainable finance ambitions and the important role Busan will play in meeting the Republic of Korea’s 2050 Carbon Neutral Strategy. As part of our network, they will be able to liaise and learn from our membership of over 30 financial centres about everything from green bonds to taxonomies. We look forward to assisting them in every way possible,” said FC4S co-chair Lamia Merzouki.
“Busan Finance Center is at an important stage of its sustainable finance journey and we believe that FC4S can play an important part in realising its ambitions. With our network of financial centres around the world Busan will now have access to a suite of knowledge and data that outlines what’s worked and what hasn’t in jurisdictions from Paris to Hong Kong. Thus, giving it insight to best practices around the world,” said Stephen Nolan, FC4S, Managing Director.
About UN convened Financial Centres for Sustainability (FC4S)
Established in late 2017, the Financial Centres for Sustainability (FC4S) Network is a collective of 34 financial centres working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. As of May 2021, the 34 FC4S members include Abidjan, Abu Dhabi, Barcelona, Beijing, Busan, Cairo, Casablanca, Dublin, Frankfurt, Geneva, Guernsey, Hong Kong, Lagos, Liechtenstein, Lisbon, London, Luxembourg, Madrid, Malaysia, Mexico City, Milan, Montreal, Nairobi, New York, Nur-Sultan, Paris, Rio de Janeiro, Seoul, Shanghai, Shenzhen, Stockholm, Tokyo, Toronto, and Zurich. It is estimated the network represents 80% of the global equity market and US$76.4 trillion equity market capitalisation. The global scale of the collective’s vision is best represented by the regional variety of members, who all believe in driving convergence, exchanging experiences, and acting on shared priorities to accelerate the expansion of green and sustainable finance.
About Busan Finance Center
Launched as an incorporated association built on partnership between private and public Korean financial institutions in July 2020, Busan Finance Center (BFC) kicked off with the aim of developing Busan as an international financial hub, promoting the local financial industry including sustainable and digital finance, and collaborating with member institutions. For more information, visit www.kbfc.or.kr or send us a mail at marcusk@kbfc.or.kr.
For further information please contact:
Ciaran Byrne, Director StoryLab: ciaran@storylab.ie
