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SSF Newsletter August 2019: Supporting the transition
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The voices calling on the financial industry to take more responsibility for the Paris climate goals have become louder over the summer. It’s not just the Swiss climate youth movement that raised their expectations, but also Swiss Parliament, which included clear stipulations on the role of the financial industry in a proposition for the Swiss climate law. Finally, yesterday's announcement by the Swiss Federal Council to reduce carbon emissions to net zero by 2050 marks an even more prominent signal. At the same time, global developments regarding our climate are not very encouraging: The massive forest fires in the Amazon again illustrate the urgency of action.
The financial industry is well aware of its responsibility and has accelerated measures in the past years. Yet, more concerted action is needed to achieve the ambitious global goals. Financial Centres for Sustainability (FC4S), of which both Geneva and Zurich are members, was set up as a global platform for financial centres willing to contribute to these goals. This October, FC4S will hold its annual meeting in Geneva – a reason for local and national players to organise a landmark symposium that aims to build bridges between international organisations, NGOs and the financial world. Let’s hope these bridges help steer capital towards climate solutions at a faster pace.
Kind regards,
Sabine Döbeli
CEO Swiss Sustainable Finance
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SSF activities at a glance
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Consultation on EU Benchmarks and Taxonomy reports
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SSF participated in the consultation processes on the reports published by the TEG on 18 June 2019 under the EU Action Plan on Financing Sustainable Growth. In coordination with its members, SSF submitted feedback on Climate Benchmarks and Benchmarks' ESG disclosure, and is in the process of providing feedback on the usability of the Taxonomy. More information here.
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Dialogue with Index Providers on Controversial Weapons Exclusions
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Since the launch of the initiative in February, SSF, together with initiative signatories, has engaged with six index providers to discuss the request to exclude controversial weapons from mainstream indices. The initiative counts 172 signatories representing USD 9.1 trillion and is still open for further signatories.
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Principles for Responsible Banking: Webinar and First Signatories
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On 8 August, UNEP FI and SSF held a webinar on the Principles for Responsible Banking (PRB). The PRB provide a framework for a sustainable banking system and will be launched during the UN General Assembly in September in New York. With Bank J. Safra Sarasin, Credit Suisse, Globalance Bank, Julius Baer and UBS, five Swiss banks have so far joined the initiative as founding signatories. More on the PRB
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Regulatory and market news
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Swiss news
International initiatives
Market trends
- The European Investment Bank (EIB) plans to end fossil fuel lending by 2021, by phasing out support to projects reliant on fossil fuels. However, the final decision has yet to be made by the EIB Board.
- Fitch Ratings downgraded US prison operator CoreCivic, in part due to multiple banks announcing plans to stop lending to the private prison industry. This appears to be the first case of ESG-related corporate credit rating downgrade.
- Ping An, a large Chinese insurer and financial services company with over USD 1tn in assets, has become the first Chinese asset owner signatory of the PRI.
- Marfrig, the world’s second largest meat producer, issued a ten-year USD 500m sustainable transition bond. While bonds labelled ‘sustainable’ or ‘transition’ from major GHG emitters are often eyed critically, Marfrig’s bond is a first step in tackling the deforestation.
- The first vegan ETF, developed by Claire Smith at Beyond Investing in Geneva, is set to be launched at the New York stock exchange in September.
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New members and network partners
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We are happy to welcome the following organisations to our network:
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Join these events
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Upcoming SSF events:
Other sustainable finance events
- 3 September, Swiss Green Economy Symposium, Winterthur (with an innovation forum on sustainable finance co-organised by SSF)
- 3 September, Basel Sustainability Forum: Sustainable Finance, Basel
- 9 October, SDG Finance Summit Geneva, Geneva
- 31 October, Energy and Cleantech Startup Day, Zurich (investors can sign up for a special startup speed dating session)
- 21 November, Sustainable Investment Day, Zurich
Further events are currently being planned – more information soon on our website
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SSF and sustainable finance in the media
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- August 2019, Market Magazine, Les nouveaux acteurs de l’économie durable (with articles featuring multiple SSF members)
- 7 August 2019, AWP Soziale Sicher, Nachhaltige Anlagen: Pensionskassen in der Pflicht oder Kür
- 1 August 2019, Tagesanzeiger, Klimajugendliche wollen grüne Finanzindustrie
- 22 July 2019, RTS Info, Les Verts vaudois récoltent des signatures pour protéger le climat
- 19 July 2019, Handelszeitung, Friedlich Investieren
- July 2019, Sphere Magazine, Une envolée fulgurante des actifs durables et responsables/Ein gewaltiges Wachstum der nachhaltigen Anlagen
- 11 July 2019, NZZ, Sollen Pensionskassen zum nachhaltigen Anlegen gezwungen werden?
- July 2019, SFI Practitioner Roundup, Can Finance Make the Planet Greener?
- 20 June 2019, Punkt 4, Nachhaltigkeit stärkt Finanzplatz
Visit our website for more articles and regular updates
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SWISS SUSTAINABLE FINANCE
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