Stockholm Green Digital Finance has joined the International Network on Sustainable Financial Centres and signed the Casablanca Statement to accelerate green finance to reach the United Nations Sustainable Development Goals.
The UN Conference of Trade and Development (UNCTAD) estimates that $5-7 trillion a year in required to reach the United Nations Sustainable Development Goals – while US non-profit organisation Ceres estimates an additional $1 trillion annually is needed in clean energy investments to limit global warming.
Finance can come from several sources; aid, private capital, domestic tax-based financing and from development finance institutions. Financial centres will play an instrumental role in successfully accelerating green finance globally by concentrating influential actors and innovative fintech services.
Representatives from financial centres across the world met in Casablanca on September 28 to form the International Network on Sustainable Financial Centres and pledge multilateral support for each other’s efforts to accelerate sustainability.
Under the leadership of UN Environment Inquiry, Casablanca Finance City Authority – in association with Morocco’s COP22 Presidency, and Italy’s Ministry of the Environment, participants signed the Casablanca Statement. The document symbolises the drive to mobilise sustainability across financial centres and was signed by representatives from Astana, Casablanca, Dublin, Hong Kong, London, Luxembourg, Milan, Paris, Qatar, Shanghai and Stockholm.
As a founder member of the International Network on Sustainable Financial Centers and signatory of the Casablanca Statement, Stockholm Green Digital Finance commits to offering the network its full support to advance green priorities through innovative fintech solutions.
Sweden has a strong history of driving sustainability in financial markets, for example, demonstrated through our government pension funds’ early integration of ESG matters as well as Swedish market leadership in pioneering green bonds.
“Today, Sweden continues to pursue high ambitions in green finance – on both policy and industry levels,” explains Cecilia Repinski, Executive Director, Stockholm Green Digital Finance. “Sweden’s financial services authority is increasingly investigating the connections between finance and sustainability, while constructive dialogues are being held between policy and financial actors for improved transparency and common reporting frameworks.
For its part, the market continues to deliver innovative initiatives and record-high numbers of members in the Swedish Sustainable Investment Forum. With Stockholm Green Digital Finance, Sweden continues to drive the frontier in green financial innovation. We are thrilled to be a part of the International Network on Sustainable Financial Center and are fully committed to leading the path towards reaching the SDGs using financial technology innovation and leadership to get there.”