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ESG

Finance CEOs urge governments to step up ESG efforts

The Global Investors for Sustainable Development (GISD) has cited 64 specific recommendations in a report calling for greater public-sector engagement in supporting the financing of the Sustainable Development Goals and Paris Agreement.

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Thirty private-sector CEOs, including the heads of Bank of America, Citi, Santander, Standard Chartered, UBS and Allianz, have urged the European Commission and global governments to step up the financial sector’s role in financing the Sustainable Development Goals (SDGs) and Paris Agreement.

The Global Investors for Sustainable Development (GISD) alliance released its report, Renewed, Recharged and Reinforced: Urgent actions to harmonize and scale sustainable finance, on Wednesday.

It represents a manifesto, identifying 64 recommendations, 42 of which are global in nature and the remainder specific to the European Commission.

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Jay Collins,
GISD
 

“We had initially planned to prepare a more limited response for the European Commission’s consultation on sustainable finance, but after the pandemic hit we collectively realized we needed to have a bolder global call to action,” says Jay Collins, vice-chairman, banking, capital markets and advisory at Citi, and chair of the GISD report committee.

He points out “it’s not to be taken lightly that 30 of the world’s largest investors, financial institutions and corporations agreed on over 60 concrete recommendations”.