Australia’s financial services sector has come together in an unprecedented coalition to promote a transformation of the country’s financial system to prioritise prosperity for all, meet 21st century sustainability challenges, and position Australia more competitively within international markets.
The Australian Sustainable Finance Initiative (ASFI) – comprising 80 organisations across major banks, insurers, super funds, civil society, and stakeholders – has today released its Roadmap that sets out a bold plan to align Australia’s financial system to support a thriving Australian society, a healthy environment and a strong and prosperous economy.
The Roadmap calls for financial system participants to embed sustainability into their organisation’s purpose, strategy and leadership, and to support the transition of the economy to net zero emissions by 2050, consistent with international conventions including the Paris Agreement and the UN Sustainable Development Goals.
The Roadmap makes 37 recommendations that will enable the financial services sector, together with regulators and governments, to strengthen Australia’s financial system with the aim of recovering from the impacts of COVID-19 and delivering a transition to a net zero, resource-efficient and inclusive economy.
Emma Herd, Chief Executive Officer of the Investor Group on Climate Change is a member of the ASFI Steering Committee. On the Roadmap’s launch, she said: “We are witnessing an unprecedented global capital shift from the old economy to the new net zero emissions of the 21st century. The recommendations of the Australian Sustainable Finance Initiative provide a clear pathway for the finance industry to ensure it is keeping pace with this global shift and is well positioned for what will be one of the biggest investment opportunities in history.”