Several fund management groups have joined asset owners and business leaders from around the world to sign up to a new United Nations-backed corporate alliance on sustainability.
The Global Investors for Sustainable Development Alliance (see here) saw 30 financial groups such as Allianz. Aviva, Citi, Nuveen, Santander and UBS commit to provide “decisive leadership” in directing resources to achieving the UN’s Sustainable Development Goals.
In an announcement, UN Secretary-General António Guterres said the formation of the GISD was at a time when the global community faces “widening inequality, increased devastation from conflicts and disasters and a rapidly warming Earth.”
Mr Guterres said the formation of the GISD was a commitment to cooperating across borders, “across financial sectors and even with their competitors, because it is both ethical and good business sense to invest in sustainable development for all people on a healthy planet.”
The alliance will operate from October 2019 until October 2021, with the aim of increasing the number of investment solutions specifically related to long-term investment in the SDGs.
“Trillions of dollars are needed to bridge the funding gap between where we are now, and where we need to be to achieve the SDGs,” said Emmanuel Roman, chief executive officer of Pimco, a signatory of the new group.
“We are extremely proud to be a member of the UN Secretary-General’s GISD Alliance and look forward to working with other members to help bridge that gap.”
The company said that it believed fixed income markets will play a critical role in helping to finance projects that support the realisation of the SDGs.
