Global banks sign up to the Financial Services Taskforce led by HRH The Prince of Wales

Invited by His Royal Highness The Prince of Wales, executives from some of the world’s largest banks have joined together as members of the Sustainable Markets Initiative’s (SMI) Financial Services Taskforce (FSTF), to develop meaningful plans to help accelerate a transition to a sustainable future.

The Sustainable Market Initiative is a network of those committed to creating truly sustainable markets, through the integration of natural, social and financial capital, and includes global business leaders. A key element of the SMI’s work is to help shape responsible transition pathways in line with the Paris Agreement, in order to decarbonise economies, support nature-positive solution and achieve net-zero greenhouse gas emissions by the second half of the century.

Chaired by Noel Quinn, Group Chief Executive of HSBC, the FSTF draws members from across the banking industry. Including Bank of America, Barclays PLC, BNP Paribas, Citi, Coutts, Credit Suisse, J.P. Morgan, Lloyds, Macquarie, NatWest Group and Standard Chartered Bank.

HRH The Prince of Wales, said “ The Financial Services sector has a vital role to play as a catalyst and driver for change across the industries. I am delighted that the Financial Services Taskforce has come together under the SMI umbrella to identify ways to set our planet on a fundamentally more sustainable trajectory.”

Recognising the important role the financial service industry plays in the transition to a net-zero economy, the FSTF member organisations are committed to mobilising finance, and working with customers to support their transitions.

In coordination with other SMI Taskforces, in the lead up to COP26 in November 2021 the FSTF will focus its attention on the following areas:

• Net-zero carbon emissions: FSTF will build on the ongoing efforts of its members and the broader sector, to look to define a credible pathway for how banks can achieve net-zero. Working in partnership with clients and external stakeholders, the group will also develop industry best practices, engage across industries to accelerate the transition to a net-zero economy and report publicly on progress of this work in the lead up to COP26.
• Climate solutions: carbon markets, coupled with overall emissions reductions, are a critical element in order to achieve a net-zero economy. FSTF will build on the work of the Taskforce on Scaling Voluntary Carbon Markets, supporting the development of a deep and liquid global market for carbon credits generated by high quality projects.
• Accelerating investment into sustainable infrastructure: the FSTF will work to accelerate the flow of private investment into sustainable infrastructure projects. The group will aim to identify and recommend initiatives and solutions that will remove barriers and can scale investment into sustainable finance projects around the world.

While significant work is already underway in many of these areas, the FSTF will look to build and develop on such efforts, to help accelerate the pace of the sustainable transition.

Noel Quinn, on behalf of the Task Force, said “Climate change is bigger than any institution or industry. In coming together, we recognise the critical role our organisations play in the fight against it. The Financial Services Task Force is committed to accelerating efforts within the banking sector, recognising its catalytic role across all industries, to move towards a net-zero economy.”