SINGAPORE - A coalition of some of the world's leading financial institutions launched an Asia-Pacific network and office in Singapore on Wednesday with the aim of speeding up regional investment in clean energy, transport and industry as part of global efforts to fight climate change.
GFANZ, which was launched last year, has more than 450 member firms including banks, insurers, asset owners, asset managers and financial service providers spanning 45 countries and representing around 40 per cent of global private financial assets.As part of opening the regional office, GFANZ also announced the creation of its advisory board, which will be headed by Mr Ravi Menon, managing director of the Monetary Authority of Singapore .
"Catalysing green finance on the scale that is necessary to address the climate crisis will require active collaboration between the financial industry and financial regulators," he said. To avert climate catastrophe, all regions will need to work together to decarbonise their economies, and the global financial system will need to help finance the transition to net zero, GFANZ said, adding that it plans to set up chapters with offices in countries across the Asia-Pacific.
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