World’s Leading Financial Centres Urge Compatibility, Connectivity Between New Standards for Sustainable Finance

In a joint statement released after a G7 meeting on sustainable finance in Halifax, the FC4S Network – the world’s platform of leading financial centres working on sustainability – said a “shared language” for green and sustainable finance is critical for the growth of new markets, and for compatibility and coherence between jurisdictions.

The Network said new definitions, standards, and classification systems for sustainable finance should be developed to avoid confusion among policy and regulatory authorities and a real risk of increasing transaction costs for financial institutions seeking to provide sustainability-related products and services.

TFI President and CEO Jennifer Reynolds said: “Toronto is North America’s 2nd largest financial centre and has the opportunity to develop a leading hub for green and sustainable finance – we are proud to have been a leading contributor to the development of this statement. Clear and coherent language for sustainable finance is key if we are to move from niche to mainstream – and this statement sets out how to coordinate this evolving environment.”

About FC4S

The FC4S Network, launched in September 2017, is structured as a partnership between financial centres and the United Nations Environment Programme, which acts as its Convenor and Secretariat. The objective of the network is to exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance. The long-term vision of the FC4S Network is rapid global growth of green and sustainable finance across the world’s financial centres, supported by strengthened international connectivity, and a framework for common approaches.

TFI President and CEO Jennifer Reynolds attended the inaugural meeting of the international network of Financial Centres for Sustainability (FC4S) which brought together 16 member centres - Astana, Casablanca, Dublin, Frankfurt, Geneva, Hong Kong, Liechtenstein, London, Luxembourg, Milan, Paris, Shanghai, Shenzhen, Stockholm, Toronto and Zurich - as well as a wide range of observers and partner organisations.