TAIPEI, April 7, 2023 /PRNewswire/ -- Cathay Financial Holdings (Cathay FHC) and the World Climate Foundation (WCF) have officially announced the signing of partnership for the third consecutive year. Cathay FHC president Chang-Ken Lee and WCF founder/CEO Jens Nielsen met in an online ceremony to address the importance of climate finance as well as the importance of strengthening collective global efforts and partnerships, in response to the threat of climate change.
As WCF's first committed global strategic partner in 2023, Cathay FHC is continuing its long-running dedication to accelerating and implementing climate finance. Lee emphasized the important role financial institutions play in promoting sustainable economic development through intermediation and risk-management functions, and by linking investments to the real economy. This facilitates and supports the flow of financial instruments and services for the fulfillment of sustainable business practices, investments, green-energy transition, NBS implementation, environmental and social projects, and more.
Lee also highlighted the significance of Cathay FHC's partnership with WCF. Starting as the first WCF strategic partner from Taiwan at COP26 in 2021, Cathay FHC has played a key role in channeling global green transitions to Asia in hopes of helping the Asian market prioritize climate-risk mitigation. In 2022, this interconnectedness grew even deeper. Cathay FHC live-streamed WCF's major event—the World Climate Summit, which took place in Egypt's Sham El Sheikh, alongside COP27. "The sharing of global experiences by major leaders from different governments, industries, academia, and civil societies is important in helping Taiwan and Asia in embracing the challenges towards a net-zero economy," stated Lee.
Lee hopes that by being actively engaged in WCF's planned roadmap to COP28 events—such as the Climate Investment Summit in London alongside London Climate Week; the World Biodiversity Summit alongside UNGA 78 and Climate Week NYC; and the largest ever World Climate Summit at COP in Dubai—more urgent issues, including finance transition, energy safety, food security, geopolitical risk, biodiversity, etc., will be discussed and resolved.
Jens Nielsen, the founder and CEO of World Climate Foundation, reiterated the importance of the financial sector by quoting the COP28 President, Sultan Al Jaber's remark: "The lynchpin to all progress is climate finance. We need urgent reform of international financial institutions and multilateral development banks."
Nielsen is delighted to continue partnering with Cathay FHC. "It has been a highly successful long-term collaboration," he stated. "Cathay FHC is an important player, not just in the Asia-Pacific but also globally, particularly in light of how strong a focus finance and investment are, in terms of being key drivers, enabling the positive transition to a low-carbon economy, etc." He further invited Cathay FHC's leader, chairman Hong-Tu Tsai, to deliver the opening keynote on the second day of the World Climate Summit–The Investment COP. "What Cathay FHC demonstrates is suitably positioned and aligned with our strong focus on finance," Nielsen added.
The World Climate Foundation is the biggest and most influential global platform focused on action and impact on climate, biodiversity, and healthy resilience. For over a decade, WCF have facilitated large-scale collaboration between governments, businesses, financial institutions, and international organizations, accelerating the transition to a green economy. As a pioneering frontrunner teaming up with WCF, Cathay FHC hopes to encourage and influence more in-depth climate actions across sectors.
Source: Cathay Financial Holding Co., Ltd. Related Stocks: OTC:CHYYY Taiwan:2882