Rio de Janeiro becomes first South American financial centre to join FC4S
Rio de Janeiro/Geneva, Representing Brazil’s public and private sector financial services sector actors, today Brazil’s Laboratory of Financial Innovation (LAB) joined the International Network of Financial Centres for Sustainability (FC4S) to become the network’s first South American member. As the 31st member of FC4S, LAB joins financial centres who collectively manage 80% of global equity markets, representing $61.3 trillion in equity market capitalization.
“As the largest economy in Latin America, Brazil is an emerging leader in the sustainable finance landscape. Sustainability and specifically sustainable finance is on the cusp of a revolution in the country. LAB is in the vanguard of that change and joining FC4S can be an accelerator. As we prepare for FC4S’s AGM next week (14th October), this is a welcome development,” said FC4S Co-Chair and Special Advisor to the Chairman of Paris-based Finance for Tomorrow, Pierre Ducret.
Launched in August 2017, (LAB) is a project of the Brazilian Development Association (ABDE), the Inter-American Development Bank (IDB), the Securities and Exchange Commission (CVM) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It works as a multi-sectoral discussion forum and Its purpose is to promote dialogue between the public and private sectors and to share experience among various agents of the economy.
“By joining the FC4S Network, we look forward to working with the Secretariat and fellow Members to interact, exchange and promote strategic action globally, and in our jurisdiction on green and sustainable finance,” said Jose Alexandre Vasco, Director of the Office of Investor Protection and Assistance (SOI/CVM).
LAB’s objective is to encourage the creation of new green and sustainable products and financial solutions that increase private sector participation in green and sustainable solutions in markets such as energy, water, transportation, agriculture and finance (fintech).
Working with FC4S LAB proposes to go beyond a space of knowledge production and will promote the structuring and piloting of new financial products, using research, analysis and the technical prowess of its participants. To this end, LAB and FC4S will work together to analyze innovative instruments and good local and international practices that can be replicated by the Brazilian financial (public and private) institutions, as well structure solutions that increase the efficiency of the resources of impact investors.
