London, November 10, 2020—Today, Laurence Tubiana, CEO of the European Climate Foundation (ECF) and Rachel Kyte, Dean of The Fletcher School and Board member of Climate Policy Initiative (CPI), announced the formation of an Advisory Council that will establish a set of Principles for Financing the Sustainable Recovery.
In advance of the Finance in Common Summit, Tubiana and Kyte outlined the need and goals for such Principles:
“COVID-19 has created an unprecedented health and social crisis with a dramatic impact on the economy and people globally, causing the largest recession since World War II and high unemployment in certain regions and countries. The crisis has also demonstrated the need to re-think how we are operating as a society – it has exposed the risks, the inequalities, and the downsides of short-termism.
“Relief measures from governments, central banks, and international financial institutions have been swift and massive. But few of these monetary and fiscal stimulus measures have integrated sustainability considerations.
“Principles for Financing the Sustainable Recovery that are shared across the financial system will help ensure that moving forward, recovery finance is delivered consistently with the Sustainable Development Goals and Paris Agreement. These Principles can both act as the guard rails for recovery finance and also identify the big bold things we can do with leadership.”
The Principles themselves are to be informed by an Advisory Council consisting of the following leading experts from governments, central banks, DFIs, and the private financial sector:
- Paola Alvarez, Assistant Secretary, Sustainable Finance and Special Projects, Philippines Ministry of Finance, participating on behalf of Secretary Carlos Dominguez
- Sharan Burrow, General Secretary of the International Trade Union Confederation
- Patrick Dlamini, CEO and MD, Development Bank of Southern Africa
- Ambroise Fayolle, VP Climate and Environment, European Investment Bank
- Kate Hughes, Director, International Climate Change, Department for
Business, Energy & Industrial Strategy, UK
- Daniel Klier, Chief of Staff Global Banking & Markets; Global Head of Sustainable Finance at HSBC
- Margaret Kuhlow, Interim Global Conservation Director, WWF International
- Joaquim Levy, Academic Fellow at Stanford University’s Steyer-Taylor Center for Energy Policy and Finance (previous Brazil Minister of Finance, World Bank CFO, and President BNDES)
- Hu Min, Executive Vice President of the Beijing Institute of Finance and Sustainability
- Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development
- Helen Mountford, Vice President for Climate and Economics, World Resources Institute
- Luiz Pereira da Silva, Deputy General Manager, Bank for International Settlements
- Karsten Sach, Director General, International and European Policy, Climate Policy, Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU)
- Co-Chair: Rachel Kyte, Dean of The Fletcher School
- Co-Chair: Laurence Tubiana, CEO of the European Climate Foundation (ECF)
Additional Advisory Council members may also participate.
The objectives of the Principles are to: define a framework shared by governments, central banks and financial regulators, development finance institutions, and the private financial sector to ensure that public and private bail-out and recovery finance is purposefully aligned with the SDGs and the climate mitigation and adaptation objectives of the Paris Agreement; establish guiding reference points for decisionmakers for defining, adopting, and reporting sustainable recovery finance measures in the context of their operations; and, finally provide an agreed framework based on which academia, think tanks, and civil society can analyze and monitor the degree of sustainability of recovery finance and hold providers of recovery finance to account.
CPI, ECF, and the Oxford Sustainable Finance Programme at the University of Oxford are collaborating to support the Advisory Council in development of the Principles.
Climate Policy Initiative is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, Kenya, the United Kingdom, and the United States. More: https://www.climatepolicyinitiative.org/
The Oxford Sustainable Finance Programme at the University of Oxford is a multidisciplinary research centre working to be the world’s best place for research and teaching on sustainable finance and investment. More: https://www.smithschool.ox.ac.uk/research/sustainable-finance/
The European Climate Foundation is dedicated to responding to the global climate crisis by creating a net-zero greenhouse gas emissions society. We harness the power of effective philanthropy to support the climate community in shaping public debate and forging bold solutions. Together with hundreds of partner organisations we are at the forefront of a global movement to ensure a liveable planet for future generations.
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