Finance sector to develop Sustainable Finance Roadmaps

Finance sector organisations – including banking, insurance and investment industries, representing over 300 institutions with $10 trillion in assets – have released a joint statement in support of a sustainable financial system for Australia and New Zealand.

The Joint Statement calls on organisations across the finance sector to support the development of Sustainable Finance Roadmaps for Australia and New Zealand.

A Sustainable Finance Roadmap is a set of recommendations across policy, regulation and finance practices that helps the finance sector contribute systematically to a more resilient and sustainable economy. A growing number of regions and countries globally have developed Sustainable Finance Roadmaps to increase the resilience and sustainability of their financial systems to environmental and social shocks and stresses.

Signatories to the statement have committed to convene finance, government, civil society and consumer bodies to kickstart the process to develop Sustainable Finance Roadmaps for Australia and New Zealand.

Signatories include the Investor Group on Climate Change, the Principles for Responsible Investment, the Responsible Investment Association Australasia (RIAA), the UN Environment’s Principles for Sustainable Insurance, and the UN Environment Programme Finance Initiative.

Eric Usher, Head of UNEP FI, said: “The financial sector is providing a clear signal that national roadmaps are needed to unlock financing for sustainable development. The rise in the number of governments around the world establishing frameworks to align banking, insurance and investment with the UN Climate Change and Sustainable Development Goals is important for the global shift to an inclusive, resilient and low-carbon economy”.

The Joint Statement in Support of a Sustainable Financial System is available here.

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