ASF President, Margarida Corrêa de Aguiar, was one of the participants in the discussion table about “O Sistema Financeiro e os Desafios Climáticos” (the Financial System and the Climate Challenge), in the conference “Roteiro Nacional para a Neutralidade Carbónica em 2050 – O Papel do Financiamento Sustentável” (National Roadmap for Carbon Neutrality in 2050 - the role of Sustainable Financing). Organized by Ministério do Ambiente e da Transição Energética (the Ministry of Environment and Energy Transition), this conference was held on July 8, at Fundação Calouste Gulbenkian, in Lisbon.
In this conference the "Linhas de orientação para acelerar o financiamento sustentável em Portugal " (Guidelines for accelerating sustainable financing in Portugal) report was disclosed and the "Carta de Compromisso para o Financiamento Sustentável" (Letter of Commitment for Sustainable Financing, of which ASF is one of the signatory entities) was signed.
The report was produced by “Grupo de Reflexão para a Promoção do Financiamento Sustentável e Descarbonização” (Think Tank for the promotion of Sustainable Financing and Decarbonisation), and coordinated by the Ministry of Environment and Energy Transition, in cooperation with the Ministry of Finance and the Ministry of Economy. This report aims to develop a structured dialogue with the national financial sector, in order to promote and accelerate sustainable investment practices in Portugal. The Think Tank involved, therefore, representatives from the various entities of the national financial sector, including the ASF.
About “National Roadmap for Carbon Neutrality in 2050”
The Paris Agreement set long-term objectives to contain the rise in average global temperature to a maximum of 2 ºC above pre-industrial levels and to continue efforts to limit the average increase in global temperature to 1,5 ºC. Objectives to increase the adaptability to the adverse impacts of climate change and to mobilise financial flows consistent with low emission and resilient development trajectories were also established. This represents a paradigm shift in the implementation of the United Nations Framework Convention on Climate Change, recognizing that the climate change challenge requires the contribution of all. Consequently, the integration of the environmental, social and governance risks into financial sector risk management processes is increasingly important.
In order to support this commitment, Portugal decided to produce a National Roadmap for Carbon Neutrality in 2050, in order to explore the feasibility of carbon neutrality trajectories, to identify the main decarbonisation vectors and to estimate the reduction potential of the various sectors of the economy.
One of the action lines defined in this “Roadmap” is the redirection of financial flows to the promotion of carbon neutrality, developing a favourable framework for sustainable financing and greater involvement of the financial system.
The role of the financial sector in this area is recognized, in particular, through the mobilization of private capital to finance sustainable projects. Performing at this level will contribute to achieve significant results in the fight against climate change, in environment protection and in social welfare.
For more information, see below:
Guidelines for accelerating sustainable financing in Portugal (portuguese only)
Letter of Commitment for Sustainable Financing