Asia-Pacific

GFANZ Launches APAC Network to Accelerate Move to Net Zero

The new regional headquarters is based in Singapore, with support from SGX, Temasek and MAS.

The Glasgow Financial Alliance for Net Zero (GFANZ) has announced the formation of its APAC Network and the creation of a regional advisory board to accelerate net zero action across the Asia Pacific region.

GFANZ is a practitioner-led, global coalition of more than 450 financial sector institutions working to accelerate the world’s transition to net-zero GHG emissions by 2050.

In a statement, the GFANZ said it is critical to unlock investment in low carbon and renewable energy in the APAC region if the world is to limit global temperature rise. An estimated US$13.6 trillion in investment is required in Asia-Pacific this decade to advance the global net-zero transition and avoid the worst impacts of climate change.

To accelerate these and other efforts, GFANZ is launching its APAC Network to support engagement with financial institutions and policymakers across the region. This will enable mutual knowledge-sharing and open dialogue on the opportunities and challenges of net zero, to ensure a “truly global green transition”, GFANZ said.

The APAC Network will help ensure the perspectives and expertise of firms and actors across the APAC region are reflected in its work and outputs. It will also look to adapt its global research and efforts to meet APAC’s unique and diverse needs.

A new GFANZ APAC Network Central Office has been set up in Singapore, with support from the Singapore Exchange (SGX), Temasek and the Monetary Authority Singapore (MAS).

The APAC Network will be led by newly appointed GFANZ Director Yuki Yasui, who previously served as the APAC lead for the UN Environment Programme Finance Initiative (UNEP FI). Yasui will report to the GFANZ leadership team of Mark Carney, Michael Bloomberg, Mary Schapiro, and Nigel Topping – as well as a newly formed GFANZ APAC advisory board.

The advisory board, comprising regional climate and finance leaders, will provide guidance and advice to the APAC network, including strategic direction, local and regional expertise, and representation in overseeing its work. The board will be chaired by MAS Managing Director Ravi Menon, who is also the current chair of the Network for Greening the Financial System (NGFS).

Also on the Advisory Board are ADB Managing Director General Woochong Um, AIIB president Liqun Jin, Climateworks Centre Chief Executive Anna Skarbek, KB Financial Group Chair Jongkyoo Yoon, SGX Chief Boon Chye Loh, and UN Special Envoy on Innovative Finance and Sustainable Investments Hiro Mizuno.

The GFANZ APAC network will seek to engage and support financial institutions which have not yet set 2050 net zero targets, to promote the adoption of science-based target-setting and transition planning. It will also look to develop country chapters to support local engagement and implementation.

GFANZ plans to also launch additional regional networks in Africa and Latin America in the coming months, to ensure the expertise and perspectives of all regions are embedded in its work and that financing the transition to net zero remains a top priority “in every corner of the world”.

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