Opening speech by Commissioner McGuinness at the International Platform on Sustainable Finance Annual Event at COP 28

International Platform on Sustainable Finance annual event

Dear members and observers of the International Platform on Sustainable Finance.

Addressing climate change has never been more urgent.

As United Nations Secretary-General Antonio Guterres recently put it, we have now reached ‘the era of global boiling'.

People across the whole world are experiencing the impact: from droughts to floods, mudslides, hurricanes, and melting glaciers.

But we also know that impact is not evenly distributed across the world – with social inequalities playing a role.

All these challenges require a global response.

And so we need to come together to tackle them – including here at the COP.

The International Platform on Sustainable Finance is a really important forum for this kind of cooperation.

As I introduce today's event, I want to reflect on what we have achieved together this year and look ahead to our work for next year.

In our fourth year, the International Platform has continued to grow.

This year we welcomed Sri Lanka as our 20th member.

I want to thank all members and observers for their active contribution that helps move the global conversation on sustainable finance forward.

We continue to discuss climate, environmental and social issues, exchange best practices, and work towards making sustainable finance frameworks comparable and compatible.

This year, we broadened our agenda to include biodiversity and social issues.

And this reflects how sustainable finance has evolved over the last few years.

In the Annual Report published today, you can read about our initial work on biodiversity.

And this work will intensify in 2024.

Today we also are proud to present a report on Social Bonds – as social finance becomes more important.

It describes the social finance landscape amongst our members, observers and beyond.

It sets out how social considerations may be included in sustainable finance frameworks.

And it looks at how the social bond market has developed and at the challenges it faces.

The report also presents recommendations to foster social finance.

The second half of today's event will showcase this really important work.

This year, 2023, the International Platform also developed its work on comparing taxonomies.

And this has been a cornerstone of the Platform's work since its early days.

Its purpose is to facilitate international green and sustainable investments and to ensure coherence and consistency for investors.

We call this ‘the Common Ground Taxonomy'.

And this work has now expanded to new places, starting with Singapore.

And it is expanding to new environmental objectives, economic sectors and economic activities.

I look forward to seeing this work continue in the months and years to come.

Transition finance has also remained central to the International Platform.

Different places have different starting points.

But we all face challenges around the transition.

I sometimes feel that we speak too little about transition finance.

And so I'm glad that the International Platform works really hard in this area.

Today we're also publishing an interim report on the practical aspects of transition finance.

This builds on the International Platform's Transition Finance Principles.

And this work will be the focus of the first part of today's discussion.

The aim is to give corporates, financial entities and policymakers practical guidance to help them navigate the complexities of transition finance.

This includes looking at progress since last year, identifying gaps and flagging some areas that could benefit from further work.

So it is good to come together to celebrate milestones – showing what we can do when we work together.

But of course we all know we still have a long way to go.

And indeed we need to move further and we need to move faster.

So I want to thank everyone who has contributed to the success of the International Platform on Sustainable Finance this year.

And I look forward to next year, when we will continue to work together and move forward, together.

I know all of us are committed to doing this, to making our sustainable finance frameworks more comparable, to supporting international cooperation, and above all, to advancing the journey towards a more sustainable world.

So I do wish you a fruitful discussion today.

Thank you.