Jun.14.2022, Singapore ------ The Glasgow Financial Alliance for Net Zero (GFANZ), a practitioner-led, global coalition of financial sector institutions working to accelerate the world’s transition to net-zero greenhouse gas emissions by 2050, announced the formation of its Asia-Pacific (APAC) Network with the opening of its first Asia-Pacific office in Singapore and the creation of a regional Advisory Board to accelerate net-zero action across Asia.
To accelerate these and other efforts, GFANZ is launching its APAC Network to support engagement with financial institutions and policymakers across the APAC region, incorporating feedback and ensuring its work on net zero is inclusive and applicable to all. The Network will enable mutual knowledge-sharing and open dialogue on the opportunities and challenges of net zero, to ensure a truly global green transition. To reinforce the global work and outputs of GFANZ, the APAC Network will help ensure the perspectives and expertise of firms and actors across the APAC region are reflected as well as look into adapting GFANZ’s global research and efforts to meet APAC’s unique and diverse needs.
The Advisory Board, composed of leading regional figures from climate and finance, will provide guidance and advice to the APAC Network, including strategic direction, local and regional expertise, and representation in overseeing the work of the APAC Network’s workplan and outputs. Ravi Menon, Managing Director of the MAS and chair of the Network for Greening the Financial System (NGFS), will chair the Advisory Board and will be joined by leading experts on climate finance from both private, public, and civil society sectors such as:
- Woochong Um, Managing Director General, Asia Development Bank (ADB)
- Liqun Jin, President & Chair of Board of Directors of the Asian Infrastructure Investment Bank (AIIB)
- Anna Skarbek, Chief Executive Officer, Climateworks Centre
- Dr Jongkyoo Yoon, Chairman & Chief Executive Officer, KB Financial Group
- Boon Chye Loh, Chief Executive Officer, SGX Group
- Hiro Mizuno, UN Special Envoy on Innovative Finance and Sustainable Investments
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. These networks will ensure not only that the expertise and perspectives of all regions are embedded in GFANZ’s work—but also that financing the transition to net zero remains a top priority in every corner of the world. The effort to support the development of net zero aligned finance, with a focus on supporting implementation in emerging markets and developing economies, is one shared by GFANZ’s global partners UNEP FI and Principles for Responsible Investment (PRI) – and this work will be done in close coordination with them. To avert climate catastrophe, all regions will need to work together to decarbonise their economies, and the global financial system will need to help finance the transition to net zero. GFANZ will continue to work to ensure all regions of the world are well represented in its work, membership, and secretariat.
The Glasgow Financial Alliance for Net Zero (GFANZ) is a practitioner-led, global coalition of financial sector institutions and their sector-specific alliances working together to accelerate the world’s transition to net-zero greenhouse gas emissions by 2050 and achieve the objective of the Paris Agreement to limit global warming to no more than 1.5 degrees C. GFANZ has united over 450 member firms from across the financial sector, including banks, insurers, asset owners, asset managers, financial service providers and investment consultants, spanning 45 countries and representing around 40% of global private financial assets.