Dublin is now part of a 16-strong network of international cities who have formally joined a new UN-supported global network of major finance centres dedicated to tackling climate change.
The cities have formally undertaken to mobilise investment and capital into projects that are sustainable and tackle climate change.
Dublin, along with London, Paris, Hong Kong, Shanghai and Stockholm, were among the first signatories of the ‘Casablanca Statement’ which creates a global network of financial centres pursuing a sustainable and green finance agenda.
Five more cities today (13/12) joined the international network of Financial Centres for Sustainability (Casablanca). They are Frankfurt, Shenzhen, Toronto, Geneva and Zurich.
News of the enhanced network was announced at the One Planet Summit in Paris, a three-day event organised by French President Emmanuel Macron.
Over 50 heads of state, 4,000 other participants and 800 organisations gathered to discuss “climate finance” and how to fund projects that counter climate change.
The event was held two years to the day since the Cop21 agreement on climate change was agreed. Minister for Climate Action and Environment Denis Naughten led Ireland’s delegation.
The United Nations Environment Programme’s (UNEP) Finance Inquiry established the ‘green finance’ network to promote sustainable and green finance hubs and shift capital into more sustainable and non-polluting investments.
Sustainable Nation Ireland, the body tasked by the Government in the IFS2020 Strategy to promote Ireland as a hub for green finance, signed the statement on behalf of Dublin’s financial services centre.
It commits Dublin to helping to promote strategic action on green and sustainable finance, working to measure the contribution of financial centres to climate action and sustainable development and expanding the pipeline of green assets and products.
The UNEP expects that the network will encourage other cities across the world to mobilise their financial centres towards the task of raising the huge sums of capital needed for the transition to a sustainable, low-carbon economy.
According to Nick Robins, co-director of the UN Environment Programme’s Finance Inquiry:
“Earlier this year, the G7 meeting of Environment Ministers recognised the importance of financial centres to support climate action. They are the key places where the expansion of green and sustainable financial services will need to be accelerated across banking, capital markets, investment and insurance to make progress on climate change and sustainable development.”
Stephen Nolan, CEO of Sustainable Nation Ireland, who signed the Casablanca Statement for Sustainable Nation Ireland, said: “Ireland was the first country to make attracting Green Finance a strategic priority, with government and policy backing. On the back of a world-class green finance cluster, we already have €28 billion of green finance activity in Ireland.
“With much to add to the global debate on sustainable and green finance, are very proud to be a founding member and for our leadership to be recognised. Climate change doesn’t recognise borders. Nor should finance, talent or ambition in tackling this challenge.”
Picture: Receiving SNI 2017 award for Irish Sustainable Business Leader, Pat Cox, International Ambassador Sustainable Nation Ireland; Mike Hayes, Global Head of Renewables KPMG; and John Mullins, Chairman Sustainable Nation Ireland.