Major Private Sector Institutions Present Solutions for Mobilizing Climate Finance
With Calls for Urgent Action Rising, Climate Finance Leadership Initiative Unveils New Report to Catalyze Global Financial System to Combat Climate Change
Originally posted on bloomberg.com.
NEW YORK, September 18, 2019 /3BL Media/ – The Climate Finance Leadership Initiative (CFLI), which was formed by UN Special Envoy for Climate Action Michael R. Bloomberg at the request of UN Secretary-General António Guterres, today released Financing the Low-Carbon Future. The new report is aimed at mobilizing private climate finance at the scale and speed needed to support an orderly transition to a low-carbon economy. Drawing on the direct perspective of some of the world’s largest institutions across the investment chain, including private banks, asset managers, and asset owners, the report identifies concrete opportunities for leadership by the public and private sectors to meet the objectives of the Paris Agreement.
The group, whose members include Allianz Global Investors, AXA, Enel, Goldman Sachs, Japan’s Government Pension Investment Fund (GPIF), HSBC, and Macquarie, will formally deliver the report to the Secretary-General at next week’s Climate Action Summit and will announce actions tied to the solutions recommended in the report at the Bloomberg Global Business Forum on September 25.
“The private sector has a critical role to play in combating climate change, and mobilizing the global financial system is essential to building a low-carbon future,” said Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “More and more business leaders recognize that economic growth and climate action are not two competing ideas – they go hand in hand. And the solutions presented in this report provide a roadmap for both reducing emissions and strengthening economies.”
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For more information on the CFLI, and to read the full report, please visit Bloomberg.com/CFLI.