The Glasgow Financial Alliance for Net Zero (GFANZ) has announced it has established its Asia-Pacific (APAC) Network, opening its first office in Singapore and assembling an Advisory Board to address the transition to net zero and impacts of climate change in the region.

The global union of financial institutions, tasked with fast-tracking the transition to net zero by 2050, said the network will facilitate mutual discussions on opportunities and challenges of net zero by considering the perspectives and needs of APAC-based firms.

This comes after the United Nations’ Race to Zero campaign found USD$13.6 trillion in APAC investments is needed in the next 10 years to accelerate the transition and prevent the worst impacts of climate change.

“Financial markets in the Asia Pacific region helped jump-start the growth of sustainable investment around the world,” Michael Bloomberg, co-chair of GFANZ, said.

“As home to fast-growing economies with enormous potential for clean energy investment, the region plays a critical role in the global effort to confront climate change. The GFANZ APAC Network and its Advisory Board will help harness leadership and innovation from around the region.”

The GFANZ APAC Network Central Office is supported by Singapore Exchange (SGX Group), Temasek and the Monetary Authority of Singapore (MAS). Newly appointed GFANZ director, Yuki Yasui, will take charge of the network, reporting to the GFANZ leadership team and the APAC Advisory Board.

“Finance can be a powerful enabler to help Asia achieve an effective and inclusive transition to net zero,” said Ravi Menon, managing director of MAS.

“I look forward to growing partnership between GFANZ and NGFS, to support financial institutions in Asia chart credible transition pathways, manage their climate-related risks, and develop innovative solutions in green finance to advance Asia towards net zero.”

The Advisory Board will continue to grow in the year ahead, fostering the engagement of local financial institutions with the net-zero transition journey.

“Without representation and consensus from financial institutions around the world, we cannot advance our goals to accelerate a global net-zero transition,” Yasui said.

“I look forward to aiding our members and working with financial institutions and policymakers across Asia to take action on their commitments to net zero.”