In the penultimate session of this year’s SDG Hive, Dame Susan Rice, Chair of GEFI, moderated a discussion with leaders of global financial centres to discuss collaboration in driving the sustainable finance agenda. The panel featured Alderman Alastair King, Chairman of Naisbitt King Group and the 696th Lord Mayor of the City of London (subject to election); Tan Sri Azman Mokhtar, Chairman of the Leadership Council of the Malaysia International Islamic Finance Centre; and Amal Larhlid, Partner at PwC Middle East.
The conversation emphasised the importance of understanding diverse cultural perspectives and recognising that ethics are dynamic, evolving in response to regional contexts and societal values. Insights from Southeast Asia and the Middle East highlighted how ethical norms differ, with panellists sharing examples of how financial practices align with local traditions. These reflections revealed the complexities of interpreting sustainability and responsibility in a global financial system.
A key theme was the critical role of organisational culture in shaping ethical decision-making within financial institutions. The panel discussed the need to foster a strong ethical culture, using behavioural science and data analytics to ensure that investment decisions prioritise societal impact. They explored practical strategies for assessing and improving ethical practices within institutions, focusing on embedding responsible investment principles.
The discussion also touched on rethinking security concepts, such as energy and climate security, noting that these issues are increasingly intertwined with investment strategies. The panellists stressed the importance of development assistance in conflict prevention, emphasising that financing solutions must address both social and environmental challenges.
The session concluded with a call to action, encouraging greater collaboration between financial centres in the Global North and South. Key takeaways included promoting investments that drive positive social change, fostering open dialogue among stakeholders to reconcile differing ethical perspectives, and examining regulatory frameworks to balance innovation with ethical integrity.
Ultimately, the discussion underscored the need to align financial practices with evolving ethical principles, highlighting the complexities of modern finance while striving for a sustainable future.