As a founding member, Luxembourg for Finance participated at the 1st General Assembly of the global network of Financial Centres for Sustainability (FC4S), held in Shanghai on 19 October. The world’s financial centres have taken an important step forward to scale up the financing required for climate action and sustainable development.

On 8 October, the IPCC concluded that an additional 1.5% in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilising the world’s financial centres will be crucial to achieve the system transition that the IPCC has recommended.

The FC4s Network brings together nearly 20 of the world’s leading financial hubs to harness the power of place for climate action and sustainable development. Established in September 2017.

At its meeting on October 19, the network members also appointed Kong Wei, representing Shanghai, and Pierre Ducret, representing Paris, as Co-Chairs. Tom Theobald, Deputy CEO of Luxembourg for Finance, has been re-confirmed as member of the network’s steering committee.

Tom Theobald said: “Luxembourg is fully committed to work with other financial centres to help drive the global sustainable finance agenda. In line with the Luxembourg sustainable finance roadmap launched by the government on October 4, the financial centre stands ready to take sustainable finance to the next level and help it move from niche to mainstream.”