Tokyo joins FC4S network
Tokyo, 04 June 2019 –The Tokyo Metropolitan Government (TMG), the municipal government authority of one of the world’s largest urban areas, has officially joined the UN Environment Program convened Financial Centers for Sustainability (FC4S) Network as its 24th member.
As one of the world’s largest financial centers Tokyo hosts most major international banks, insurers, and the world’s largest institutional investor, the $ 1.5 trillion Government Pension Investment Fund. Over the past two years, the TMG has implemented a strategic process to strengthen its international financial center – and now, it is seeking to make sustainable finance a key pillar of its competitiveness.
Tokyo’s admission to the rapidly growing FC4S Network is the latest in a series of major announcements on sustainable finance in Japan over recent months. On May 27th, the Japan TCFD Consortium was launched by Japan’s Ministry of Economy, Trade and Industry (METI), Ministry of Environment (MOE), and Financial Services Agency (JFSA). JFSA is a member of the Sustainable Insurance Forum, the leadership group of insurance regulators collaborating on sustainability risks, as well as a member of Central Bank and Supervisors Network for Greening the Financial System (NGFS).
Tokyo’s admission brings the FC4S Network to 5 members in Asia, including Hong Kong, Seoul, Shanghai and Shenzhen. Building on recent efforts, FC4S will now begin the process of developing a dedicated strategy for sustainable finance in Asia, responding to the plans and needs of member financial centers in the region under its FC4S Asia and Pacific platform.
The announcement was made by the Governor of Tokyo, Yuriko Koike at the Tokyo Dialogue on Sustainable Finance event convened by the Japan Climate Initiative and UNEP FI in Tokyo (3rdJune).
Governor Koike said, “As a leading regional and global financial center, Tokyo is mindful of the importance of the sustainable finance agenda. Not least to finance Japan’s transition to a low-carbon economy and put Japanese capital to work supporting the low-carbon transition of our region and further afield. That is why I am pleased to announce our membership of the UN Environment Program convened Financial Centers for Sustainability network. We look forward to working with like-minded financial centers to accelerate the further mainstreaming of sustainable finance activities, at home and abroad. ”
Welcoming the announcement, Satya S. Tripathi, UN Assistant Secretary-General and Secretary of the UN Environment Management Group said, “We are delighted to welcome Tokyo to the FC4S family. TMG has annually issued 20 Billion Yen since 2017 in green bonds and by doing so have already shown their commitment to sustainable finance. This commitment has only been further strengthened by their joining FC4S and we are proud to partner with them. ”
Stephen Nolan, Managing Director, FC4S said, “With Tokyo on board, FC4S continues to strengthen its engagement in Asia. As both a regional and global financial center powerhouse we look forward to working closely with Tokyo on this important agenda. I thank Governor Koike for her leadership. ”
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