Within the context of the Covid-19 pandemic and the war in Ukraine building on Glasgow’s momentum has proved to be challenging. Whilst we expect COP27 to further enhance the scope of deliverables around mitigation, adaptation, finance, loss and damage, at GEFI, we are looking ahead to COP28 as the next key milestone in terms of measuring progress.
With finance now firmly embedded on the COP agenda we are building upon our successful Path to COP26 campaign to ensure the finance sector takes decisive action ahead of COP28. Our Path to COP28 campaign seeks to encourage and support financial institutions to transition from commitment to implementation, measurement and reporting.
Through our 12 year+ expertise in ethical finance, established platforms and projects, GCC knowledge and strong global network our Path to COP28 campaign brings together stakeholders from across finance and beyond to drive climate action before, during and after COP28. GEFI’s Path to COP28 campaign is the first finance-focused campaign for COP28, and we are committed to making finance work for COP28, and COP28 work for finance.
“The Path to COP28 is inclusive global campaign open to all and we invite financial institutions and financial services stakeholders from across the globe to get involved.”
Dame Susan Rice
Chair, Global Steering Group
Global Ethical Finance Initiative
Our Plans
The Path to COP28 launched in Dubai October 2022. The 12-month programme, initiated with our partners DIFC will include a range of activities and events under each of our four core workstreams.
Delivering Net Zero
- Engaging with GFANZ to increase awareness and engagement amongst global financial institutions
- Continuing to support pension providers to transition to Net Zero
- Encouraging banks to decarbonize their lending books
- Supporting Governments to meet their NDC targets
- Raising awareness and increasing adoption of TCFD reporting
- Exploring the challenges around climate data
- Reviewing the approaches to Net Zero by family offices and sovereign wealth funds
- Including climate finance as a key thematic across our event programme
Financing Nature & Biodiversity
- Partnering with UNDP to deliver an anchor session at the Nature for Life Hub 2022
- Publishing a thought leadership series covering: TNFD; A Scottish perspective on TCFD and nature; Measuring biodiversity; Key Challenges for private sector investment
- Engaging with COP15 via virtual events and social media, including nature finance as a key thematic across our event programme
Unlocking Islamic Finance
- Progressing the work of the Global Islamic Finance & SDGs Taskforce to raise awareness and inspire action amongst global Islamic finance institutions
- Positioning green and sustainable sukuk, via the High-Level Working Group on Green and Sustainable Sukuk, as innovative financial instruments that can attract capital at scale
- Encouraging Islamic finance institutions to engage with global initiatives such as PRI and UN PRB
- Publishing an Ibn Khaldun essay series that focalises today’s challenges through the eyes of one of the greatest social scientists of the Middle Ages
- Exploring the process of going beyond Halal to Tayyib in Islamic finance
SDG Investing
- Promoting SDG linked financial product to attract new funds
- Facilitating the development of innovative financial products that are SDG aligned
- Publishing, in partnership with UNDP, a thought leadership series covering: Introduction to the SDGs; SDG Impact Standards Fixed income Listed equities; Banking; Reporting and Assurance;
- Including climate finance as a key thematic across our event programme
Our Event Timeline
Next Event:
Path to COP28 Sustainable Finance Summit
28TH FEBRUARY 2023, 09:00-11:15 (GST) DIFC, DUBAI
GEFI in partnership with DIFC and supported by Refinitiv are hosting the Path to COP28 – Sustainable Finance Summit Series. The first in the series will take place in Dubai at DIFC. The summit will cover what COP28 means for finance, delivering net zero, unlocking Islamic finance and much more.
At our launch event, we announced our four Workstreams (Delivering Net Zero, Financing Nature & BioDiversity, Unlocking Islamic Finance, and Financing the SDGs) and hosted discussions including a keynote address by Dame Susan Rice looking at how COP26 went for banking, and guidance to be offered to the banking sector. The event featured speakers including Dame Susan Rice (Financial Services Culture Board & GEFI), Arif Amiri (DIFC Authority), Dr. Abdelilah Belatik (CIBAFI) and Iqbal Khan (Fajr Capital).
COP27 is upon us. The first day saw UN Secretary General Antonio Guterres warn the world that “we are fighting for our lives and we are losing… we are on a way to climate hell”, setting out the stakes of these talks, in addition to raising the pressing loss and damage issue. GEFI worked with IsDB and CGI to curate events in the Blue Zone with panel discussions exploring unlocking Islamic Finance, and Green Finance for Climate Action.
The Nature for Life Hub was three-day virtual event positioned to build on what was missed at COP27 and what needs to happen at COP15, as world leaders negotiate the Post-2020 Global Biodiversity Framework.
In this Climate Finance Training Series, offered jointly by DIFC Academy and the Global Ethical Finance Initiative (GEFI) as part of the Path to COP28 campaign, we will help finance practitioners to understand the COP process, global trends in climate finance and best practice approaches to developing and implementing net zero strategies.
In this webinar, delivered in collaboration with abrdn, we will focus on a brief review of COP27 outcomes and take a look at the actions needed in 2023 ahead of COP28, in particular we will tackle the following questions: What are the gaps that need to be addressed to enable capital flows in line with net zero? Is the annual multilateral COP approach working to address climate change with the urgency that is required? What other options do we have? Ultimately, what are the implications for net zero commitments in the finance industry if emissions continue to rise?
GEFI in partnership with DIFC and supported by Refinitiv are hosting the Path to COP28 – Sustainable Finance Summit Series. The first in the series will take place in Dubai at DIFC. The summit will cover what COP28 means for finance, delivering net zero, unlocking Islamic finance and much more.
In this Climate Finance Training Series, offered jointly by DIFC Academy and the Global Ethical Finance Initiative (GEFI) as part of the Path to COP28 campaign, we will help finance practitioners to understand the COP process, global trends in climate finance and best practice approaches to developing and implementing net zero strategies.
Female experts in the field will discuss challenges as female leaders and provide guidance for women interested in pursuing a career in finance though interactive in-person sessions.
We are pleased to partner with the Asian Institute of Chartered Bankers once again for the virtual Ethical Finance ASEAN 2023 summit, following last year’s inaugural Ethical Finance ASEAN summit. EF ASEAN 2023 will tackle the theme of transition, exploring how financial institutions can support Southeast Asian economies in their transition towards Net Zero.
As part of our ongoing partnership with DIFC, we will continue our high level discussions relating to the importance of delivering positive change to achieve the UN’s Sustainable Development Goals.
In this Climate Finance Training Series, offered jointly by DIFC Academy and the Global Ethical Finance Initiative (GEFI) as part of the Path to COP28 campaign, we will help finance practitioners to understand the COP process, global trends in climate finance and best practice approaches to developing and implementing net zero strategies.
Our annual in-person summit Ethical Finance Global 2023 will tackle these issues and more on Wednesday 20th September 2023 in Edinburgh, hosted by NatWest Group. Across four core thematics of climate, nature, the S in ESG and leadership the summit will explore topics including overcoming greenwashing, climate justice, embedding sustainability skills, integrating nature, sustainable food systems and the incorporation of human rights.
COP28 is the 28th session of the Conference of Parties. COP is held every year to discuss and find solutions for climate change. COP28 will be held in the UAE at Dubai Expo City from November 30 to December 12, 2023. The thirteen-day long programme will begin on Thursday and conclude on Tuesday.
The summit will include a mixture of high-level discussion panels and keynotes of SDGs in action with Islamic finance. The summit will highlight some of the operational, regulatory and commercial opportunities and challenges for the Islamic finance sector in engaging with the global ESG/sustainability movement.
For those who have endorsed the Path to COP28 campaign, stakeholder meetings will take place on a bi-monthly basis and monthly basis (19th January 2023, 16th March 2023, 11th May 2023, 6th July 2023, 7th September 2023, 5th October 2023, 2nd November 2023).
Launch event
At our launch event, we announced our four Workstreams (Delivering Net Zero, Financing Nature & BioDiversity, Unlocking Islamic Finance, and Financing the SDGs) and hosted discussions including a keynote address by Dame Susan Rice looking at how COP26 went for banking, and guidance to be offered to the banking sector.
The event featured speakers including Dame Susan Rice (Financial Services Culture Board & GEFI), Arif Amiri (DIFC Authority), Dr. Abdelilah Belatik (CIBAFI) and Iqbal Khan (Fajr Capital).
Partnership Activities
As part of our Path to COP28 campaign, we are partnering with the Dubai International Financial Centre (DIFC) on a range of activities and events.
COP28: Driving Climate Action in the GCC
Supporting Family Offices, Private Equity Investors and Corporate Groups
By combining the RJF and GEFI teams we provide access to a pool of global practitioners with the knowledge and expertise to deliver world-class advice and support.
Our flexible 7-step approach provides a useful framework to financial institutions to develop and implement a climate / sustainability strategy. It has been designed to enable our team to step in at any given point in our clients’ climate / sustainability journey.
With our partners the London Stock Exchange Group (LSEG) and the UKIFC, we launched a report on green and sustainability sukuk, examining the potential for Islamic fixed income products to deliver financial returns and impact for the SDGs. The report was presented at the Dubai launch event for GEFI’s Path to COP28 campaign on 24th October.
Become a Supporter
Join the Path to COP28 and demonstrate your commitment to supporting global climate action, to protecting our planet and to raising awareness of the financial risks and opportunities associated with climate change ahead of COP28 in Dubai and beyond.
COP26
Our Path to COP26 campaign brought together over 60 signatories, including 20 financial institutions representing £2 trillion in assets to drive finance for positive change at COP26.
The campaign was focused around 4 key workstreams:
- Adam Smith at the COP
- Finance for Nature
- Faith in the SDGs
- Net Zero Pensions
Our Path to COP26 Accomplishments and Activities
Get involved in our Path to COP28
We invite financial institutions and financial services stakeholders to join as a headline partner, strategic partner or endorser. Please click here to review our joining criteria.
Endorser
Informal partnership to promote and, where appropriate, participate in Path to COP28 activities and events
Headline Partner
Primary branding with a comprehensive, mutually agreed programme of activities to run throughout the 12-month initiative.
Strategic Partner
Opportunities such as branding, speaking, partnering on a workstream, collaborating on research projects, reports and accessing the wider GEFI programme.
“The Path to COP28 is inclusive global campaign open to all and we invite financial institutions and financial services stakeholders from across the globe to get involved. Based on our experience from COP26 our partners derived great value from connecting with peers, sharing thought leadership, engaging in our events and being part of an action-oriented community of practitioners.”
Chris Tait, Chief Operating Officer, Global Ethical Finance Initiative
SDG Insight Series
On how financial institutions are using the SDGs in their financial products across a range of asset classes. The series also includes briefings on the move from ESG to SDGs and the SDG Impact Standards.
About Global Ethical Finance Initiative
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