Over 10 of the world’s leading financial centers today agreed to promote strategic action on green and sustainable finance, at the first-ever international meeting of financial centers, held in Casablanca.
Financial centers including Astana, Casablanca, Dublin, Hong Kong, Milan, London, Luxembourg, Milan, Paris, Qatar, Shanghai, and Stockholm backed the Casablanca statement, agreeing to harness their expertise to drive action on climate change and sustainable development.
Said Ibrahimi, CEO, Casablanca Finance City Authority, said: “The leadership and commitment displayed by financial centers gathered in Casablanca gives me confidence that we can increase capital flows to vital areas on the African continent, in sustainable agriculture and clean energy notably. Our vision is to establish Casablanca as a hub for green finance dedicated to Africa.”
Sir Roger Gifford, Chairman of the City of London Corporation’s Green Finance Initiative said: “London is committed to working with other financial centers to grow the global market for green finance. This new network can help leverage the world’s capital markets in pursuit of climate change mitigation by sharing best practice and agreeing on common principles.”
Financial centers are key locations in the economy where banking, investment, and insurance markets are concentrated.
A growing number of financial centers have introduced dedicated green and sustainable initiatives to seize this opportunity. This network will aim to raise awareness, promote common standards, drive innovation and build the vital skills needed for the expansion of green and sustainable finance.
The meeting was hosted by the Casablanca Finance City Authority (CFCA) and the UN Environment Inquiry into the Design of a Sustainable Financial System, working in association with Italy’s Ministry of the Environment and Morocco’s presidency of the COP22 climate conference.
“Clearly, financial centers compete,” said Nick Robins, Co-Director of the UN Environment Inquiry. “But cooperation on sustainable finance is not only essential, it is also very possible, as this new network shows. The network has the potential to drive a step change in sustainable finance in the year ahead.”