Dublin Castle was the venue last month as new Communications, Climate Action and Environment Minister Richard Bruton formally announced Dublin was to host the European node of the new UN Environment Financial Centres for Sustainability (FC4S) network.
Backed by a three-year investment of €1.5million from Europe’s EIT Climate-KIC agency, CEO of Sustainable Nation Ireland, Stephen Nolan, has been appointed as strategic advisor to the FC4S network.
The United Nations-supported programme encourages global financial centres to place sustainable and green finance at the heart of their operations and help fight climate change.
Minister Bruton said the Government had long recognised the importance of green and sustainable finance, with Ireland among the first countries to make green finance a strategic priority, with Government backing since 2012.
He added: “Global financial centres will have a key role to play in advancing the expansion of sustainable and green finance. As the meeting point for the supply and demand of finance, they will be pivotal in driving the transformation of the financial sector so that capital allocation decisions, product development and services provision are truly aligned with the sustainable development and green agenda. “
It’s a particular honour for Stephen Nolan and Sustainable Nation Ireland to be involved in this globally recognised programme. Speaking about his new role, Stephen Nolan said the location of the FC4S network’s European node in Dublin was an endorsement of the work being done by Sustainable Nation and its partners to build Ireland’s low-carbon economy.
“Financial centres are the locations where the demand for and supply of finance come together. They are the places where the expansion of green and sustainable financial services will need to be accelerated across banking, capital markets, insurance and investment in order to fully meet the needs of the Paris climate agreement.”
The FC4S Europe network and partners has already developed a common European assessment tool to evaluate climate and sustainability credentials for financial centres and take common action on shared priorities to accelerate the expansion of green and sustainable finance. For 2019 a big focus is on supporting innovation at the financial centres level with a new Open Innovation Platform currently under development.
It will also raise awareness of sustainability issues and assist with the design and delivery of development plans within financial centres yet to embed the green finance agenda within their activities.