Glasgow Financial Alliance for Net Zero (GFANZ), a practitioner-led, global coalition of financial sector institutions, has launched its Asia-Pacific (APAC) network, which aims to engage and support financial institutions and policymakers across the APAC region, ensuring its work on net-zero is inclusive and applicable to all.
On the same day, GFANZ opened its central office in Singapore.
The GFANZ APAC Network central office is supported by the Singapore Exchange (SGX), Temasek and the Monetary Authority of Singapore (MAS).
At the same time, GFANZ had announced the creation of its regional advisory board to accelerate net-zero action across Asia.
The board will be chaired by MAS managing director Ravi Menon, who is also the chair of the Network for Greening the Financial System (NGFS).
SGX CEO Loh Boon Chye is also a member of the advisory board.
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Menon and Loh will join leaders from Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Climateworks Centre, KB Financial Group, United Nations to provide guidance to the APAC Network on strategic direction, local and regional expertise, and representation in overseeing the work of the APAC Network's workplan and outputs.
The advisory board will see more experts joining over the course of the year.
In addition, GFANZ will launch additional regional networks in Africa and Latin America in the coming months, with secretariat staff distributed across all major continents to reflect the global nature of GFANZ.
“Financial markets in the Asia Pacific region helped jump-start the growth of sustainable investment around the world. As home to fast-growing economies with enormous potential for clean energy investment, the region plays a critical role in the global effort to confront climate change. The GFANZ APAC Network and its Advisory Board will help harness leadership and innovation from around the region," says Michael R. Bloomberg, GFANZ co-chair and UN special envoy for climate ambition and solutions.
“The world cannot address climate change without finance. Similarly, the global financial system cannot do its fair share without the leadership of the Asia-Pacific financial institutions. Our new APAC Network, Advisory Board and Singapore office will bring Asian finance to the heart of GFANZ to help solve this global challenge,” says Dr. Mark Carney, GFANZ co-chair and UN special envoy for climate action and finance.
“Asia is key to the world’s transition to net zero. Finance can be a powerful enabler to help Asia achieve an effective and inclusive transition to net zero. The setting up of the GFANZ APAC Network is thus most timely. Catalysing green finance on the scale that is necessary to address the climate crisis will require active collaboration between the financial industry and financial regulators. I look forward to [the] growing partnership between GFANZ and NGFS, to support financial institutions in Asia chart credible transition pathways, manage their climate-related risks, and develop innovative solutions in green finance to advance Asia towards net zero,” Ravi Menon, managing director, MAS.
“Climate change is a rapidly growing challenge that needs to be tackled across geographies, industries and sectors. Financial institutions, investors, and real economy companies in Asia-Pacific face unique challenges in addressing climate change, given the region’s complexities and varying levels of economic and social development. As host of the GFANZ APAC Network Central Office, SGX Group will work closely with the ecosystem to understand the issues and find practical solutions together,” adds Loh Boon Chye, CEO of SGX.
Achieving the global climate targets will not be possible without strong commitment in Asia. Temasek’s support to the Global Finance Alliance for Net Zero and the establishment of its APAC Network Central Office in Singapore is an expression of our commitment to catalyse capital for the acceleration of climate action across the financial industry and the real economy and to realise a just transition. We look forward to stepping up our involvement with GFANZ over the coming months to help drive momentum for the Net Zero agenda in Asia and globally,” says Dilhan Pillay Sandrasegara, Temasek CEO
