World’s leading international financial institutions and asset managers gather in Dublin to talk climate change
Some of the world’s leading international financial institutions and asset managers will gather in Dublin this month (May 16th) for a major conference on sustainable finance, entitled Catalysing Global Savings to Advance our Sustainability Goals
Key figures from organisations such as the World Bank, the European Investment Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, alongside Blackrock, BNP Paribas,SEB, the Rock Creek Group, Swiss Re, and Securis Investments, among others, will discuss how to unlock global capital to create investments to pay for the projects that are urgently needed to tackle climate change.
The UN Intergovernmental Panel on Climate Change (IPCC) warned last October that the world has only about a dozen years to keep global temperatures to a maximum of 1.5C above pre-industrial levels. Sustainable finance will play its role in enabling countries to meet the Paris Agreement, which aims to keep temperatures between 1.5C and 2C.
In Ireland alone, it will cost €50 billion to make the transition to a sustainable, low-carbon economy by 2030, according to May 2018 estimates from Deloitte.
Sustainable finance is the provision of finance to investments taking into account environmental, social and governance considerations (ESG). Sustainable finance includes a strong green finance component. It that aims to support economic growth while reducing pressures on the environment. It addresses green-house gas emissions reductions, tackling pollution, minimising waste and improving efficiency in the use of natural resources. Sustainable finance also encompasses increased awareness and improved transparency regarding he risks that can have an impact on the sustainability of the financial system, and the need for financial and corporate actors to mitigate those risks through appropriate governance.
The May 16thconference, will feature speakers such as George Richardson, Director of Capital Markets at the World Bank, Teresa O’Flynn, Managing Director & Director of Renewable Power at BlackRock, the world’s No. 1 asset manager, and
Also speaking will be Stuart Kinnersley, Chief Executive of Affirmative Investment Management, which co-manages the Global Climate Bond fund, Michael Wilkins, Global Head, Sustainable Finance, S&P Global Ratings.as well as policymakers and researchers from the OECD, and the European Commission, and sustainable development practitioners and monitors from the Global Environment Facility, the Closing the Investment Gap Initiative.South Pole, and the Carbon Disclosure Project.
The Department of Finance has convened the conference with the support of Sustainable Nation Ireland, a non-governmental platform that promotes Ireland as a world-leading hub for sustainable finance.
To showcase Ireland’s role as a global centre of excellence in the rapidly-growing area, Sustainable Nation Ireland is overseeing the inaugural Year of Sustainable Finance – a programme of more 30 events and activities. The conference is an output of Government’s recently launched ‘Ireland for Finance’ Strategy. The vision of this Strategy is for Ireland to be a top-tier global location of choice for specialist international financial services.
In recent months, Ireland has also achieved the following goals:
- At €3BN, the National Treasury Management Agency issued its first-ever green bond.
- Ireland voted to become the first nation in the world to fully divest public money from fossil fuel investments.
- Dublin was named the European headquarters of UN Environment Financial Centres for Sustainability (FC4S).
- The Central Bank of Ireland has become a member of the Network for Greening the Financial System, a global network of over 30 Central Banks and Supervisors.
- Ireland joined the Coalition of Finance Ministers for Climate Action.
An Taoiseach Leo Varadkar will make the welcoming address for the May 16th programme of events at the conference, which will also be addressed by Finance Minister Paschal Donohue, TD and the Minister of Communications, Climate Action and the Environment, Richard Bruton, TD.