| The Paris Agreement and the UN’s Sustainable Development Objectives (SDGs) have launched a global low-carbon and inclusive economy. For a rapid and massive redirection of the capital flows required by this economy, Paris EUROPLACE launches today Finance for Tomorrow, the new brand that will succeed to its “Green & Sustainable Finance Initiative”.
It mobilizes and federates the players of the Paris Financial Center committed to a finance compatiblewith the sustainability issues of our century. This launch is an intensification of the action of the Paris Financial Center, which has all the assets to become the world capital of green and sustainable finance.
A massive shift of capital flows, a major challenge
The goal of limiting climate change at the end of the century, set by the Paris Agreement, as well as the objectives of sustainable development proposed by the United Nations for 2030, to assess the funding needs to adapt the current economy to a low carbon and inclusive model. To quickly develop this 2° compatible economy, Finance for Tomorrow brings together all the private, public and institutional players of the Paris Financial Center who want to commit themselves to a finance that is based on a sustainable future and combines long-term investment with environmental and social challenges. Massively redirecting capital flows is now a priority, and Finance for Tomorow is giving itself as a guideline “Shift the trillions” to multiply the scale of green and sustainable finance already underway.
The Paris Financial Center: The assets of a global capital of green and sustainable finance
The actors of the Paris Financial Center were among the first in the world to engage in the fight against climate change and the developments of sustainable finance. In these areas, the Paris Financial Center has major strengths, with a robust financial system, a complete ecosystem and internationally recognized top-level expertise, highlighted at the COP21 and at the time of the 1st Climate Finance Day organized by Paris EUROPLACE In May 2015, with UNESCO, Caisse des Dépôts and the European Investment Bank.
Ségolène Royal, a recognized ambassador
Paris EUROPLACE welcomes the support of Ségolène ROYAL, former Minister of the Environment, Energy and Sea, President of COP 21, to the action of the Paris Financial Center in the field of green finance. Her support will be essential to consolidate the position of the Paris Financial Center as a green finance capital internationally and to give the actors of the energy transition the appropriate means of funding.
Finance For Tomorrow, the new actor of the Paris Financial Center
Finance for Tomorrow takes over from Paris Green & Sustainable Finance, created at the initiative of Paris EUROPLACE in May 2016. A first report, led by Philippe ZAOUATI, was published in November 2016 for the COP22 to identify the assets of the financial center and to define avenues of improvement, via 15 recommendations. This preparatory work made it possible to put in place 6 concrete and ambitious projects structured around 3 axes: Research and Innovation; Standards / structuring of the market and dialogue with public authorities; Promotion and visibility. Already, more than 40 members have joined Finance for Tomorrow and are currently participating in this collective dynamic, now chaired over by Philippe Zaouati, Managing Director of Mirova.
In the new international context, marked by the withdrawal of the United States from the Paris Agreement but also by an increased mobilization of Europe and the new driving countries – China and India – It is now more essential than ever to increase the contribution of the financial industry to these challenges and to consolidate and promote the position of the Paris Financial Center as a world leader in the fight against global warming.
Gérard MESTRALLET Chairman of Paris EUROPLACE
For several years now, the Paris Financial Center has seen numerous initiatives in the field of green and sustainable finance. The close relationship between the actors of the sector and the public authorities has largely contributed to this dynamism. The current window of opportunity is exceptional for enabling finance to serve the economic, social and environmental needs of our societies. That is why today we want to transform this set of promising signs into a strong, stable, organized and internationally oriented ecosystem. A finance for tomorrow.
Philippe ZAOUATI Chair of Finance for Tomorrow & Managing Director of Mirova