[1] As the UN partner for the finance sector, they convene financial institutions on a voluntary basis to work together with them, and each other, to find practical solutions to overcome the many sustainability challenges facing the world today.
The solutions developed effectively form a blueprint for others in the finance sector to tackle similar challenges and evolve their businesses along a sustainable pathway.
The creation and adoption of such a blueprint also informs policy makers concerned with sustainability issues about what would constitute appropriate regulation for the finance sector at large.
In this voluntary commitment, signatory companies pledged to achieve a balance of economic development, the welfare of people and a sound environment.
The member-led alliances unite financial institutions that have committed to achieving net-zero GHG emissions in their portfolios by 2050, in line with the Paris Agreement; the members collaborate in working groups to jointly develop tools and guidance.
To do so, the Initiative works with members from the banking and insurance industries,[4] technical experts and key stakeholders to convene collective action, facilitate shared learning and co-develop practical resources to equip financial institutions with the knowledge and expertise to make their strategies and operations more sustainable.
The Initiative facilitates collaborative projects to develop methodologies and tools, encourage harmonization, promote advances in good practice, and support leadership to accelerate growth in the quantity and quality of sustainable financial institutions.
UNEP FI holds regular agenda-setting Global and Regional Roundtables to bring together partners and other stakeholders to build momentum to advance sustainable finance market practice and provide clear signals from the financial sector to policymakers on the importance of integrating Environmental, Social and Governance (ESG) issues and sustainability impacts into financial decision-making.
Regional roundtables take place every other year, providing an opportunity for members and actors in the sustainable finance community to come together locally to discuss the latest trends and innovations and share good practices.