FC4S Annual General Meeting

At the annual general meeting, which also saw the launch of the FC4S real economy lab in Shenzhen, the FC4S members agreed to mainstream green and sustainable finance both locally and internationally, and to set common targets by the end of 2022. Discussions included ways to inform and influence the policy and regulatory debate, through activities at local and national levels. Members also identified options for the FC4S Network and Secretariat to support the formulation of effective frameworks and strategies to scale up sustainable finance markets across markets, leveraging the work of regional entities and coalitions.

The event comprised six sessions:

  • Session 1 introduced the new members of FC4S (Beijing, Lagos, Lisbon, Madrid, Mexico City and Tokyo).
  • Session 2 featured presentations from the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA) and the Network for Greening the Financial System (NGFS).
  • Session 3 focused on the results of the Assessment Programme, which is a survey sent to all the members.
  • Session 4 was devoted to targets and deliverables for 2022, which are going to be refined and amended with members’ input.
  • Session 5 reviewed the 2019 work programme and activities and updated the membership on the status of the different activities of FC4S during the past year.
  • Session 6 concluded the day with a discussion on action points and next steps.

The meeting concluded with the announcement that the next annual general meeting would take place in Paris to coincide with the fifth anniversary of the Paris Agreement.

On 10 October, the FC4S also launched a regional work plan for Africa that will work with the five African member centres (Abidjan, Cairo, Casablanca, Lagos and Nairobi) to encourage strategic action, collaborate with peers across the continent, and facilitate engagement with major international hubs.

The AGM took place at the start of the Building Bridges Summit which focused on accelerating the finance industry’s contribution to the achievement of the UN’s 17 Sustainable Development Goals. The Summit, presided by Patrick Odier, Managing Director, Lombard Odier Bank, gathered over 800 international organizations, NGOs, financial sector actors and Swiss authorities to connect the 22 worlds of finance and sustainability. FC4S was a core member of the planning committee for the Building Bridges week.

The Role of Financial Centres in Promoting Strong, Sustainable and Balanced Growth

The Ministry of Finance of The Luxembourg Government, the United Nations Environment Programme and the FC4S organized a breakfast meeting during the World Bank and IMF 2019 Spring Meetings. The meeting examined the ways in which financial centres, as custodians of trillions of dollars, can collaborate to accelerate a just transition to a green economy. This was followed by the sharing of experiences among financial centres and market actors on the challenges and best practices to promote sustainable finance and accelerate a transition to a low-carbon economy. The meeting also marked the formal signing of an agreement between the government of Luxembourg and UNEP to strengthen the work of FC4S.

Second FC4S Network Meeting

The 2nd meeting of the international network of Financial Centres for Sustainability (FC4S) brought together financial centres members and partners in Shanghai to discuss the network’s future work. During the meeting two co-chairs were appointed to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative, and Kong Wei, chair of the Shanghai Green Finance Committee.
The meeting was hosted on the sidelines of the China Green Finance Development Committee’s Annual Conference, and FC4S hosted a public event on 19 October 2018 at the Shanghai Center.

Inaugural FC4S Network Meeting

Nearly 20 of the world’s leading financial centres gathered in Milan to hold the inaugural meeting of the FC4S – the new international network to accelerate green and sustainable finance.

Financial centres bring together a cross-section of different activities including banking, capital markets, insurance and investment, as well as regulation and new themes like fintech. It is this clustering effect that the Network will harness for sustainable development. The goal of the Network is to “exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance”. It will do this by raising awareness, strengthening market practice and promoting market expansion. It will also share experiences on financial innovation, building capacity and engaging in dialogue with policymakers.

Further to this, FC4S hosted a public event titled ‘Harnessing Financial Centres for Sustainable Development’ on 12 April as part of the Salone del Risparmio.

International Meeting of Financial Centers for Sustainability

At the first ever international meeting of financial centers over 10 of the world’s leading financial centers agreed to promote strategic action on green and sustainable finance. The 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.

Financial centres are key locations in the economy where banking, investment and insurance markets are concentrated. A growing number of financial centres have introduced dedicated green and sustainable initiatives to seize this opportunity. The 2017 G7 in Italy also identified the potential for cooperation among financial centres through a new international network. By supporting the Casablanca Statement, the financial centres have agreed to launch the international network of financial centres for sustainability. 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.