Goldman Sachs and the International Finance Forum (IFF) have launched the Green Finance Working Group at the opening of the IFF annual meeting.
The group will provide a platform for companies to exchange and develop ideas on how best to leverage green finance to support the transition to a low carbon economy.
John Waldron, president and chief operating officer of Goldman Sachs and Zhu Xian, vice president and secretary-general of the IFF will act as co-chairs of the group.
The group will also facilitate dialogue among senior executive from global corporations and researchers from institutions, as well as advise and work with policymakers to enhance green finance cooperation across public and private sectors.
The Working Group will focus on China’s role in achieving sustainable outcomes. Research from Goldman Sachs estimates China’s pursuit of net zero could generate $16 trillion in infrastructure investment opportunities by 2060, as well was support 40 million net new jobs for the country.
Waldron said: "We need to move from the science of climate change to the business of climate change, to deploying these technologies at scale and making it easier for consumers to seek out and opt for greener energy sources to power their daily lives.
“Many companies joining us in the Working Group are some of the most important investors and users of energy worldwide… Their participation in this group will add momentum to global efforts already underway and help make those efforts more effective by sharing the lessons learned from their decades of business operations."
XIan added: "We share a common vision towards the development of low carbon economies, including promotion of a strong green financial market and strengthening the role of finance in driving the implementation of global sustainable development processes.”
The group will work with banks and financial institutions and other key sectors, including energy and transport, as well as leading researchers from the US, European Union, UK, and China.
In July, post-Covid sustainability topped the IFF agenda, after speakers at the two-day spring meeting said that the Covid-19 pandemic set back efforts to meet the UN’s Sustainable Development Goals.