Financial centers should take the lead on ensuring collaboration and cooperation across different elements of the sustainable finance ecosystem, both nationally and internationally. We are convinced that more needs to be done to develop and build sustainable finance expertise, capacity, and knowledge and leverage the digitalization of financial services so that sustainable finance is fully embedded in the future's financial industry.
Arnaud de Bresson, WAIFC Chairman, said:
"The financial industry is at the heart of how we respond to the global downturn and recovery. There are many important aspects to this, including accelerating sustainable investment by institutional investors and pushing all market players' engagement towards concrete actions. We have much work to do to achieve the Paris Agreement's objectives, as well as developing specific investment funds dedicated to the environment and launching new global action plans to progress social financing instruments.
And a key issue is to involve all market participants and more particularly to develop the dialog between investors and corporations to organize the necessary transition to new business models."
The FC4S Network was launched in Casablanca, Morocco, in September 2017, at a meeting co-hosted by the Casablanca Finance City Authority and the United Nations Environment Program (UN Environment), in association with Italy’s Ministry of the Environment and Morocco’s presidency of the COP22 climate conference. At this meeting, financial centers adopted the Casablanca Statement on Financial Centers for Sustainability.
The FC4S Network is structured as a partnership between financial centers and the United Nations Environment Program, which acts as its Convener and Secretariat. The objective of the network is to exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance.