The Sustainable Markets Initiative has announced the bank executive members of its Financial Services Task Force.
Prince Charles launched the SMI at the World Economic Forum’s annual meeting in Davos in January 2020 and is a network of global business leaders and others committed to creating truly sustainable markets through the integration of natural, social, and financial capital.
The Financial Services Task Force (FSTF) operates as an industry sub-group of the SMI with its member organisations being committed to mobilising finance and working with customers to support their transition. The members are:
Group Chief Executive, HSBC
Chairman of the Board and CEO, Bank of America
CEO, BNP Paribas
President and Incoming CEO, Citi
CEO, Sustainability, Research and Investment Solutions, Credit Suisse
CEO, J.P. Morgan Asset & Wealth Management
Group Director, Commercial Banking, Lloyds Banking Group
Global Head of Green Investment Group, Co-Head of Macquarie Capital
Group CEO, NatWest Group
Group Chief Executive, Standard Chartered Bank
In coordination with other SMI Task Forces, the FSTF will focus its attention on the following areas ahead of the 26th UN Climate Change Conference of the Parties (COP26) in November 2021:
1. Net-zero carbon emissions: Building on the ongoing efforts of its members and the broader sector, the FSTF will look to define a credible pathway for how banks can achieve net zero. In partnership with our clients and external stakeholders, the group will also work to advance industry best practices, engage across industries to help accelerate the transition to a net-zero economy, and report publicly on progress of this work in the lead up to COP26.
2. Accelerating investment into sustainable infrastructure: The FSTF aims to accelerate the flow of private investment into sustainable infrastructure projects. The group will identify and recommend initiatives and solutions that will remove barriers and can scale investment into sustainable finance projects around the world.
3. Climate solutions: Carbon markets, coupled with overall emission reductions, are a critical component in order to achieve a net-zero economy. Building on the work of the Taskforce on Scaling Voluntary Carbon Markets, the FSTF will support the development of a deep and liquid global market for carbon credits, generated by high quality projects, and provide a clear collective demand signal that finance stands ready to accelerate the flow of capital towards all forms of emissions reduction, avoidance and removal projects globally.
Chairman of the FSTF and Group Chief Executive of HSBC, Noel Quinn said on behalf of the Task Force: “Climate change is bigger than any institution or industry. 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.”