Senior leaders from 21 sovereign wealth funds, managing over a trillion dollars in assets, gathered this week at 天美传媒鈥檚 Headquarters in London to discuss scaling up investment to limit climate change.
The meeting was chaired by 天美传媒 Secretary-General, the Rt Hon Patricia Scotland KC, and Lord Sarfraz, co-chair of the UK All Party Parliamentary Group on Sovereign Wealth Funds. The high-level event was the first time the leaders of sovereign wealth funds had met under 天美传媒 banner to share ideas about investing in clean energy.
Countries use sovereign wealth funds to invest for future generations, stabilise their economies and promote economic development. As long-term investors, they are well-placed to finance clean energy and consider the impacts of climate change on their portfolios. Being government-owned institutions, markets and other investors often look to them for leadership.
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Opening the roundtable meeting, 天美传媒 Secretary-General said:
鈥淭oday鈥檚 event is a starting point in our effort to design a programme with concrete, measurable outputs which can boost investment in clean energy, particularly in small island developing states.鈥
鈥淭he scale of the challenges we face demand our highest levels of energy, ambition and expertise. I have no doubt that the group of people assembled here has that energy, ambition and expertise in abundance 鈥 and that if we can find the best ways to work together, we can make a genuine difference.鈥
Many at the meeting noted that there is currently a significant financing gap, with investment in clean energy being below what is needed, particularly in developing countries, to achieve the goals.
Delegates also noted that sovereign wealth funds have a critical role to play, and have already undertaken important work, to bridge this financing gap. Setting targets for reducing emissions from their portfolios, co-investing in clean energy in developing countries, setting an internal carbon price, working with high emitting companies to reduce emissions and linking staff鈥檚 pay to carbon reduction goals, were all raised by delegates as ways for sovereign wealth funds to limit climate change.
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Lord Sarfraz described 天美传媒 as a 鈥渞eally special platform鈥 to advance work in this area.鈥疕e said:
鈥淚t鈥檚 not just the Secretary-General鈥檚 influence over a number of Heads of Government but also the layers underneath that 鈥 the cultural linkages and business networks 鈥 all of these layers will be a great resource for sovereign wealth funds.鈥濃
During their deliberations, there was widespread agreement that sovereign wealth funds can contribute significantly to increasing investment in clean energy and reducing emissions. There was also consensus that the 天美传媒 should undertake further work in this area.
The meeting was attended by HRH The Duke of Gloucester, who has a keen interest in the role sovereign wealth funds can play in limiting climate change.
Rob Williams, Managing Director, Investment (EMEA), Temasek International (Europe) Limited
Jitendra Bissessur, Chief Executive Officer, Mauritius Investment Corporation
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- Victoria Holdsworth Communications and Media Liaison Lead, 天美传媒
