Last month saw the launch of the Australian Sustainable Finance Roadmap.
The Australian Sustainable Finance Initiative (ASFI) – comprising more than 140 participants from over 80 organisations across major banks, insurers, super funds, government, regulators, civil society, and stakeholders – has released its Roadmap that sets out a bold plan to align Australia’s financial system to support a thriving Australian society, a healthy environment and a strong and prosperous economy.
The Roadmap calls for financial system participants to embed sustainability into their organisation’s purpose, strategy and leadership, and to support the transition of the economy to net zero emissions by 2050, consistent with international conventions including the Paris Agreement and the Sustainable Development Goals.
The Roadmap makes 37 recommendations that will enable the financial services sector, together with regulators and governments, to strengthen Australia’s financial system with the aim of recovering from the impacts of COVID-19 and delivering a transition to a net zero, resource-efficient and inclusive economy.
ASFI Co-chair Jacki Johnson said “The Roadmap signifies a step change in how the finance sector does business. It provides a path towards a financial system that is better prepared to face future risks and shocks, such as a changing climate; to meet the current needs of Australians while delivering on long-term needs for a sustainable future; to enhance financial inclusion and well-being of all Australians, including our most vulnerable; and to direct capital to where it is most needed.
“Many of the challenges that Australia faces are global in nature and, beyond our borders, a major international shift is underway shaping capital flows. There is an urgent imperative for Australia’s financial services sector to act to remain globally competitive in a world increasingly prioritising a sustainable economy.”
ASFI Co-chair Simon O’Connor, said “As governments across Australia – federal, state and local – set a direction for a stronger and more sustainable nation, this Roadmap is the financial services sector’s contribution to ensuring our sector is aligned with this future. As an industry, we are ready to lead and play our part”.
Read the Roadmap here: https://www.sustainablefinance.org.au/roadmap
