Asia Investor Group on Climate Change (AIGCC) launch:
The $7.7 trillion transition: Major new report charts Asian climate finance
Tuesday 6 September, Singapore: To mark the launch of the new Asia Investor Group on Climate Change (AIGCC) today in Singapore, the group is releasing the most comprehensive analysis to date of climate finance sector activity in Asia.
The report – Investing for the climate in Asia undertaken by Asia Research and Engagement (ARE), with the support of Australia and New Zealand Banking Group Limited (ANZ), reviewed the disclosure of leading domestic financial institutions across the Asia Pacific region to understand the state of the finance industry’s response to climate change. This review included 36 banks, 30 investors, and 24 insurers.
It revealed a significant shift toward embedding climate risk and responsible investment into core business activities. However, much remains to be done, with financial regulators needing to take steps to help catalyse the shift to low carbon investment in order to reduce systemic risks and improve competitiveness.