Finance plays a crucial role in facilitating the transition to a sustainable, equitable economy and society in Aotearoa New Zealand. It is the driving force behind essential infrastructure, food, water, and housing.
The Climate Change Commission has estimated that approximately $34 billion of new capital will be required in the next 12 years to support the country's low-carbon transition. This figure is expected to increase over time. Creating a sustainable financial system is essential to ensuring a thriving and prosperous society in a future with lower emissions. It is a critical component of our economic proposition in the coming decade.
Offshore banks fund the majority of Aotearoa New Zealand's external liabilities. As environmental and social accountability expectations change rapidly among global capital providers, customers, consumers, and talent, we must remain connected and aligned with global developments in sustainable finance as a net importer of capital. Urgent action is required to scale up sustainable finance and redirect money from polluting, extractive, and unsustainable activities towards climate and sustainability solutions. A shift in mindset and a collaborative approach between the public and private sectors and Iwi and Māori is essential to achieving this. We need access to data, disclosures, definitions, and skills to expand the scope of sustainable finance, drive tangible economic outcomes within planetary and social limits, and leverage the best talent available.
The potential opportunities for building a financial system that supports social, environmental, and cultural outcomes are vast.
Join us as we hear from the players in the Sustainable Finance space – what they've currently got to offer, and how they see it working or changing down the line.