By Jana Salloum
Global institutions lack urgency when it comes to investing in green initiatives, financial industry figures warned in a thought-provoking assessment on tackling climate change.
Speaking at the Future Investment Initiative Forum in Riyadh, prominent players from the Saudi Public Investment Fund (PIF), asset management firm Ninety One and HSBC Holdings all called for an increase in the pace of investment. .
Fahad AlSaif, Head of Global Capital Finance at PIF, told delegates: “The essence of the emergency is not yet here. There must be collaboration between global institutions, it is a matter of trust in delivery. “
He added: “I’m concerned about the balance of the pace at which we move.”
His concerns were echoed by John Green, Chief Commercial Officer of Ninety One, who also revealed that 60 to 70 percent of the conversations he has with his customers are about energy.
“There is no action in real financing,” he said, arguing that there was not enough investment in developing economies.
Noel Quinn, CEO of HSBC Holdings, said that while the “acceleration” in this area is “very fast”, the Covid-19 pandemic has acted “as a wake-up call that a natural event may have an effect on the economy “.
Julia Hoggett, CEO of the London Stock Exchange, insisted that the six months following the United Nations Climate Change Conference in Glasgow are “critical” to turn any announcement into action.
“I believe in pipes and plumbing,” she said.