Goldman Sachs and IIF Launch Green Finance Working Group

The Green Finance Working Group has been established, according to Goldman Sachs and the International Finance Forum. To enhance the public-private partnership in green finance, the Working Group will provide guidance and work with policymakers. Top officials from prestigious international businesses, including banks and financial organisations, will attend.

Goldman Sachs and the International Finance Forum (IFF) today announced the formation of the Green Finance Working Group (Working Group), which will serve as a forum for companies to exchange and develop ideas on how to best leverage green finance innovations and contribute to the world's transition to a low-carbon economy.

The Working Group, co-chaired by John Waldron, President and Chief Operating Officer of Goldman Sachs, and Zhu Xian, Vice President and Secretary-General of the IFF, will facilitate climate action dialogue among senior executives from leading corporations and researchers from leading institutions. It will also advise and collaborate with policymakers to improve green finance collaboration between the public and private sectors.

The Working Group will also pay special attention to China's role in achieving long-term results. According to Goldman Sachs research, China's pursuit of Net Zero could result in USD 16 trillion in infrastructure investment opportunities by 2060, as well as 40 million net new jobs for the country while supporting strong economic growth.

"We need to transition from climate science to climate business, deploying these technologies at scale and making it easier for consumers to seek out and choose greener energy sources to power their daily lives,"

Waldron said.

"Many of the companies joining us in the Working Group are among the world's most important energy investors and users—we need them to be active participants and supporters of the upcoming climate transition. Their participation in this group will add momentum to existing global efforts and make those efforts more effective by sharing lessons learned from decades of business operations."

"We share a common vision for the development of low-carbon economies, including the promotion of a strong green financial market and the strengthening of finance's role in driving global sustainable development processes,"

Zhu Xian said.

"This Working Group will bring together top-level representatives from leading global companies, including banks and financial institutions, and other key sectors, such as energy and transportation, as well as leading researchers from the United States, the European Union, the United Kingdom, and China in a solutions-focused dialogue on how to best leverage green finance and capital markets as key tools to mitigate climate change and transition to a low-carbon economy."

The formation of the Working Group was announced at the opening ceremony of the IFF 18th Annual Meeting on December 4, 2021 in Guangzhou.

Source: GoldmanSachs news