The process of transformation to a green and sustainable economy requires appropriate, innovative and scalable support from the financial industry.
Due to the complex interrelationships of global economic processes, innovative and skilled forces from among financial institutions, investor groups, politicians and members of the public must be enabled to cooperate in a network-like structure. The Green and Sustainable Finance Cluster Germany (GSFCG) brings together the activities of the various stakeholders, thus mobilising synergies that shape this transformation process in an efficient and cost-reducing manner.
Green and sustainable finance constitutes a core subject of the process of transformation to a sustainable global economic system. Neither the achievement of the “Sustainable Development Goals” nor the implementation of the “Paris Climate Protection Objectives” are possible without fundamental change, to be accomplished within the framework of the basic structure of national and international capital allocations. Against this backdrop, the major task is now to develop user-oriented concepts for the implementation of sustainable criteria in the business models of the various stakeholders operating at the financial centre, so as to face the risks of upcoming challenges and stiffening competition in a proactive manner, but especially to identify and capitalise on the economic opportunities of change. In this context, the specific structure of actors in Germany, which is partly dominated by medium-sized countries, shall be taken into account.
The GSFCG pursues an open policy. A network is to be established, in which expertise is bundled in relation to matters of finance and risk. The GSFCG shall serve as a central point of contact for the sustainability- and climate-relevant issues/questions of actors in the financial sector and beyond. As a result, the various green and sustainable finance initiatives existing at the financial centre Germany and in Europe are to be strengthened, and any already existing impulse is to be invigorated. National initiatives such as the Hub for Sustainable Finance and others as well as European and international expert groups shall also be involved in the activities.
„In order to stop climate change – the effects of which have long since been noticeable – enormous investments are needed. This is why we are embracing the idea of private capital also being invested according to the principles of sustainability. The Cluster aims at further promoting this movement.”
Hessischer Wirtschaftsminister, Tarek Al-Wazir