Promoting the international financial community’s contribution to achieving the objectives of the Paris Agreement, in view of the fact that the impacts of climate change are increasingly visible, particularly in emerging economies and developing countries. This was the central theme of the 6th Annual CEO Summit held by the One Planet Sovereign Wealth Funds (OPSWF) Network in Paris on 22 and 23 June at the initiative of the French President, Emmanuel Macron. It was attended by the leaders of more than 100 international financial institutions, including CDP Equity (CDP Group). The summit was organised in conjunction with the New Global Financial Pact Summit – an international conference on a new global financial pact promoted by the French Presidency ahead of the 28th UNFCC Conference of the Parties (COP28) in Abu Dhabi in November – which was attended by political leaders from around the world.
The OPSWF initiative was launched in December 2017 at the One Planet Summit in Paris with the aim of accelerating the integration of climate change analysis into the management of large, diversified and long-term asset portfolios. In this context, the long-term strategic objectives of sovereign wealth funds – which invest in preserving intergenerational wealth while ensuring a sustainable future – coincide with the objective of the Paris Agreement, namely to safeguard the planet and advance the social and economic prospects of future generations.
During the Summit – whose main speakers, in addition to President Macron, included the US Special Envoy for Climate, John Kerry, the President of the World Bank, Ajay Banga, and the Head of Secretariat, Task Force on Climate-related Financial Disclosures (TCFD), Mary L. Schapiro – the results of the three workstreams carried out under the OSPWF were reviewed: the harmonisation of climate data for private markets, clean hydrogen and renewable energy development in emerging markets. In addition, OPSWF members agreed to continue to deepen the exchange of best practices to help develop technical expertise, including for the management of carbon emissions, climate risk assessment and related operational solutions combined with TCFD recommendations.
Finally, the summit expressed a willingness to promote the formal establishment of the OPSWF as a permanent organisation based in Paris.