Irish Funds Signs Climate Action Statement of Intent7 November 2019
Irish Funds, the representative body for the global cross-border investment funds industry in Ireland, joined other industry leaders at Climate Finance Week 2019 in a pledge to take action to mitigate climate change risk through sustainable finance.
In a Statement of Intent signed by Irish Funds CEO Pat Lardner, the industry body representing over 140 members with a net asset value of €4.7trn agreed that:
- Climate action should be recognised as an opportunity: concerted public-private sector action at a national level can generate multiple and substantial benefits for our societies by stimulating technology and innovation, improving human well-being and accelerating economic growth.
- The redirection of capital flows towards sustainable investment is crucial to ensure the sustainable and inclusive growth of the Irish economy.
The Statement of Intent is a joint Irish funds industry initiative co-signed by the CEOs of the Irish Association of Pension Funds; the Irish Association of Investment Managers; Insurance Ireland; the Banking & Payments Federation of Ireland; and Financial Services Ireland.
As a leading member of the Irish financial services eco-system, Irish Funds works to positively contribute to the UN Sustainability Development Goals and the Paris Climate Agreement and is committed to:
- Promoting the debate about sustainability and the environmental, social and governance risks and opportunities at the level of their governing bodies and with their members, so that such risks and opportunities are considered when defining strategies;
- Promoting training in sustainable financing, non-financial information and sustainability challenges, among its members and employees;
- Supporting Ireland’s hosting of the UN Environment Financial Centres for Sustainability European node;
- Reporting back on sector wide activity as part of Ireland’s third Climate Finance Week in November 2020.
Signing the Statement of Intent at the Climate Finance Week Ireland 2019, Irish Funds Chief Executive, Pat Lardner, commented: “Given Ireland's position as a global centre of excellence for investment funds, sustainable investment is an integral part of our preparation for the future and supportive of the 16,000 people employed by the industry across the country. We believe that a combination of the right mind-set, toolkit and skill sets will help Ireland build on its success and are committed to play our part.”