Cork will hold an event on November 5 outlining how Cork businesses and financial services companies can meet the challenges, risks and opportunities posed by climate change.
The event - organised by Chamber Financial Services Forum, in partnership with Deutsche Börse Group and its post-trade services provider Clearstream as well as Sustainable Nation Ireland - will also include a special contribution from Cork schoolchildren, who were asked for their input and suggestions at a special workshop on climate change, organised by Clearstream.
The roundtable event is part of Climate Finance Week Ireland 2019 which is being convened by Sustainable Nation Ireland with the Department of Finance and sponsored by AIB.
The Cork event will mark the launch of Ireland’s Second Annual SIF Ireland Responsible Investment State of Play Report and will feature Dr Celine McInerney as keynote speaker.
Dr McInerney is a finance professional with a focus on climate finance, investment in renewables and sustainability. She was the Irish government’s nominee as the Irish climate finance expert for scoping the 6th Assessment Report of the United Nation's Intergovernmental Panel on Climate Change (IPCC) report in 2016 and spoke at “She is Sustainable”, an event celebrating women working in sustainability.
Dr McInerney will provide an overview of the key findings of the State of Play report and lead discussion on sustainable finance and environmental, social and governance (ESG) investing opportunities for Cork businesses and financial services companies.
Deutsche Börse Group is one of the largest capital market exchange organisations in the world. With around €14 trillion in assets under custody, its subsidiary Clearstream, which employs around 500 people in Cork, provides post-trade infrastructure and securities services for the Eurobond market and 58 domestic markets worldwide, including access to investment funds. Clearstream will host the event at its offices in NSQ 1 Navigation Square, Albert Quay East, on 5th November which is Climate Finance Week ESG Day.
In preparation for the event, Clearstream’s Cork location, which has a Climate Working Group, invited children of the Working group employees and Cork Chamber to a workshop to listen to their insight, vision and ideas for the future of Cork City, Ireland and the world.
Neil Lydon, member of the Climate Working Group, said children of oemployees are deeply engaged with the issue through Green Schools Committees part of GreenSchoolsIreland.org.
Climate Finance Week Ireland 2019, which is sponsored by AIB, is a unique programme of more than 20 events from 4th to 8th November that will focus on sustainable finance and responsible investment. It will include climate-themed talks on finance and investments, interactive workshops and events attended by senior domestic and international corporate leaders, financiers and key policy makers.
Between now and 2030, the G20 estimates that $90 trillion is required in order to restrict global warming below 2°C. In Ireland alone, it will cost the state €50 billion to make the transition to a sustainable, low-carbon economy by 2030, according to estimates from a 2018 Deloitte report.
Commenting, Eoin Motherway, Chair of Cork Financial Services Forum and a Board Member of Cork Chamber said there never has been a greater need to take climate action.
"Our future generations are calling for this, and while all sectors must look at how they can play their part, a key enabler to allow us to successfully transition to a low carbon economy, is climate finance. As part of Cork Chamber’s 200-year anniversary celebrations taking place this year, we partnered with the Glucksman Gallery in UCC to reach out to our younger generations through a series of creative workshops.
"We asked primary, secondary and third level students to tell us their vision for Cork. Climate action topped the agenda, with their artworks signalling the potential for Cork to develop as a global hub of innovation and sustainability. Climate finance is key to unlocking the challenges and supporting the opportunities in this transition.”
David Brosnan, Head of Clearstream Global Funds Operations and the Cork location, went 0n: “We are particularly pleased to be hosting this event in conjunction with Cork Chamber Financial Services Forum and Sustainable Nation Ireland as our employees and their families share our strong interest in addressing the challenge of climate change as part of our community.
Kristina Jeromin, Deutsche Börse Group’s Head of Sustainability, said as the initiator and co-chair of the Green and Sustainable Finance Cluster Germany, Deutsche Börse Group is actively involved in shaping the sustainable development process in Europe.
"We are delighted to support the Cork community with this important event as part of Climate Finance Week Ireland 2019.”
For further information see climatefinanceweek.ie