UNDP’s network of leading international financial centres holds their General Annual Meeting in Casablanca to mainstream sustainable finance
Casablanca, 20 October 2022: Over 20 leading financial centres from Africa, Asia, the Americas, the Gulf and Europe representing UNDP’s Financial Centres for Sustainability (FC4S) Network, participated in its 2022 Annual General Meeting in Casablanca today. The meeting was held for the first time after the pandemic. The FC4S members also took part in the Casablanca Finance City Authority (CFCA) inaugural Casablanca Sustainable Finance Dialogue (CSFD).
With the sustainable finance agenda surging, the AGM was a key meeting for UNDP FC4S, not least in the context of November’s international climate talks – COP 27, taking place in Egypt next month. In the context of a rapidly evolving international regulatory environment, the meeting was centered on developing FC4S’s 2023 – 2025 strategic plan.
Areas of discussion focused on building on FC4S’s critical role in supporting member financial centres accelerate the mainstreaming of the sustainable finance agenda, and the continued growth of the network as members collectively work to take a quantum leap to support the transition towards net zero activities. In doing so, the FC4S members also support national efforts at limiting climate change and biodiversity loss.
Lamia Merzouki, Deputy General Manager CFCA and FC4S Co-Chair says, “In 2017, Casablanca Finance City Authority played host to the meeting that led to the establishment of the UN Financial Centres for Sustainability (FC4S) Network. Now, five years on, today FC4S members collectively represent US$84 trillion equity market capitalisation, with members based in Africa, Asia, the Americas, the Gulf and Europe. And with the inaugural Casablanca Sustainable Finance Dialogue offering an ideal opportunity for delegates to familiarise themselves with the sustainability challenges facing African economies as well as the solutions that are currently in train, as FC4S Co-Chair I am delighted to welcome fellow FC4S members to Casablanca. I look forward to a engaging few days with colleagues and friends as a precursor to COP27.”
Marcos Neto, Director UNDP Sustainable Finance Hub, said on the occasion that “The world now desperately needs an economic governance architecture which is deliberately designed to support governments, development agencies, civil society and the private sector to make decisions that prioritize investment in the Sustainable Development Goals and the Paris Agreement. As a UNDP Sustainable Finance Hub flagship initiative and in advance of the upcoming climate talks – COP27, taking place in Africa I am delighted to see FC4S members meet in Casablanca this week.”
Stephen Nolan, Managing Director UNDP FC4S while inaugurating the AGM said that “The moment is right for leading financial centres to take a quantum leap to transition in this direction; in doing so, serve the needs of the real economy and support efforts at limiting climate change and biodiversity loss. As one such financial Centre, Casablanca is leading from the front as it seeks to turbocharge sustainable finance activities that support the achievement of the Sustainable Development Goals