Dear friends,

I welcome you to the Ecumene 2022: Global Financial Forum!

Bringing together representatives of the academic, expert and business communities in Moscow, this forum raises serious and exceptionally important topics that are of concern for all of humanity, without exaggeration. These issues include consequences of the pandemic that affect many countries and have changed the lifestyle we knew for years ahead, as well as military conflicts, economic sanctions, manufacturing that cause irreparable damage to the environment and have a disastrous impact on nature and life on Earth in general. These and other global challenges require coordinated, responsible and measured solutions that will help preserve our planet for future generations and make the world stable, safe and comfortable.

I am convinced that this forum will be an influential platform for discussing key issues of long-term and sustainable development of the world economy, harmonising and improving the finance agenda and developing new approaches to the main goals of the Paris Climate Accords.

My thanks for the kind invitation to speak at the Ecumene Global Financial Forum.

The science is clear on the danger and immediacy of the triple planetary crisis of climate change, nature and biodiversity loss and pollution and waste. Climate change is here, now, and intensifying. Resource-hungry growth is eating into the nature that sustains us. And pollution and waste are choking the planet. The triple crisis is a threat to human health, prosperity, and equity. And the triple crisis is a threat to businesses and investors, as the World Economic Forum has made abundantly clear

We know the power that financial institutions must support sustainability in financial decision-making and investing. Provide capital to scale low-emitting technologies and align sectors with science-based targets. Increase demand for climate disclosure from companies. Help high-emitting companies and industries to transition to lower-emitting technologies and business models, while ensuring a just and equitable transition. Set science-based targets across portfolios and increase transparency to avoid greenwashing. And of course, begin moving your financing away from fossil fuel heavy portfolios, as countries work to decarbonize their economies.

The good news is that UNEP’s Finance Initiative-led frameworks and partnerships allow banks and financial institutions to strategically align financial flows with sustainability objectives, and thereby joining a global movement to drive change and prosperity. The Principles for Responsible Investment is the global framework for responsible conduct amongst institutional investors.

Through the Principles for Responsible Banking and the Principles for Sustainable Insurance, the Finance Initiative convenes financial institutions to apply industry frameworks, develop practical guidance and tools, and set targets on environmental and social aspects that align with the Sustainable Development Goals. These frameworks raise ambition beyond just integrating ESG risks to achieve portfolio-wide impacts.

As part of these principles frameworks our Finance Initiative also convenes three major net-zero alliances aimed at fully decarbonising portfolios by 2050. The Net Zero Banking Alliance has about half of global banking industry assets signed on. The Net-Zero Asset Owner Alliance includes more than 70 institutional asset owners with over USD 10 trillion in assets. The Net-Zero Insurance Alliance convenes 25 leading insurers, representing about 12 per cent of world premium.

These alliances drive progress within their organizations, across the financial industry and across the global economy by setting concrete portfolio targets, and engaging companies as they invest to accelerate the global transition to a net-zero world. To avoid greenwashing, the alliances have put in place accountability mechanisms, including require the auditing of the member commitments and progress.

In closing, let me say that sustainability is not optional. ESG is not an add-on, or a selling point, or a PR tool. By making it a core business practice, you can seize the opportunity to position the finance industry to help address society’s challenges in the 21st century. So, I encourage you to join leadership initiatives and alliances and strengthen the resilience of the whole financial system because at the end of the day: our financial systems are dependent on a resilient society and planet. To steer your business towards integrating sustainability considerations fully into financial practice. Because doing so is in the best interests of your people, planet and truly prosperous growth. Thank you.

Dear Friends,

I welcome you on the occasion of the Ecumene 2022: Global Financial Forum in Moscow.

Today, the world is facing new global challenges related to climate change. Under these conditions, the issues on the agenda of the Forum are of great importance to both the Russian Federation and the entire international community. There is a particular demand for expert discussions on the problems of ‘green economy,’ responsible finance and energy transition.

Solving issues related to environmental protection and sustainable development requires an integrated approach and consolidated efforts of all states. Multilateral mechanisms, primarily within the UN system, have a special role to play. The active involvement of Russian civil society institutions in these processes is important. In this respect, the active work in this area by the Chairman of the All-Russian Society for Nature Conservation, Goodwill Ambassador Viacheslav Fetisov deserves a positive assessment.

A good basis for cooperation was laid during the previous Ecumene Congress on Sustainable Development held in September 2021. I am confident that the work of this Forum will make a significant contribution to environmental protection activities aimed at ensuring favorable living conditions for the present and future generations.

I wish all the participants and guests of the Forum productive and successful work.