Financial Services Taskforce set up to accelerate sustainable transition
The SMI, which is a network of global business leaders committed to creating truly sustainable markets through integration of natural, social and financial capital, has set up the Financial Services Taskforce (FSTF) to work on a meaningful and actionable plan to accelerate the global sustainable transition. Chaired by Noel Quinn, group chief executive of the HSBC, the taskforce’s members are the top names of the banking industry, including Bank of America, Barclays, BNP Paribas, Citi, Coutts, Credit Suisse, JP Morgan, Lloyds, Macquarie, NatWest Group and Standard Chartered Bank.
Coordinating with the other SMI taskforces, the FSTF will focus on net zero carbon emissions, aiming to define a credible pathway for how banks can achieve net zero and will also work to advance industry best practices, bolster engagement across industries to accelerate the transition to a net-zero economy and report publicly on their progress ahead of the COP 26 later this year. The taskforce will also accelerate the flow of private investment into sustainable infrastructure projects, identifying and recommending initiatives and solutions to remove barriers and scale investment into sustainable finance projects.
Climate change is bigger than any institution or industry, said Quinn. “In coming together, we recognise the critical role our organisations play in the fight against it. The Financial Services Task Force is committed to accelerating efforts within the banking sector, recognising its catalytic role across all industries, to move towards a net-zero economy,” he added.
The group will also focus on climate solutions, where carbon markets, coupled with overall emission reductions are critical component to achieve a net-zero economy. The taskforce will support the development of a deep and liquid global market for carbon credits, generated by high quality projects and provide a clear and collective demand signal that finance sector is ready to channel capital into all forms of emissions reduction, avoidance and removal projects globally.
The taskforce will also keep national and global policy and decision makers updated on its activities throughout the year.