Coronavirus – Africa: Business giants worth $16 trillion commit to mobilising resources to build back better from COVID-19

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers, but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
Download logo

In a meeting convened by United Nations Secretary-General António Guterres today, leaders of prominent financial institutions and businesses pledged to scale-up sustainable investments globally, especially in countries most in need as a result of the COVID-19 pandemic.

The Global Investors for Sustainable Development Alliance issued a statement (see below) vowing greater action to confront the global economic crisis driven by the COVID-19 pandemic and keep the Sustainable Development Goals on track.    “We, the Members of the Global Investors for Sustainable Development Alliance, met in these extraordinary circumstances to send a strong message of unity and commitment. We reinforce the UN Secretary-General’s calls for wide ranging actions that match the scale of the crisis,” the statement said.   The Secretary-General told the Alliance that the pandemic’s toll of skyrocketing unemployment, and the shuttering of businesses would hurt the poorest and most vulnerable and that rebuilding to pre-crisis levels of employment and output may take years.   “COVID-19 is having dramatic impacts on the way the world works – for example, by reducing energy usage and prompting the adoption of technologies that can decouple the economy from its reliance on fossil fuels,” Guterres said. “These changes can be the beginning of the process of shaping our world for the better. But the global community must go further, taking active steps to align recovery with sustainable development.”   The Alliance members agreed to accelerate efforts to align investment with sustainable development objectives and integrate the SDGs into their core business models. They also pledged to establish scalable innovative financing and investment vehicles to advance the SDGs, including through COVID-19 bonds, risk-sharing tools, joint investment and business matchmaking platforms.   In addition, the group promised to promote regulations that facilitate investment in sustainable development and create more resilient economies. They also pledged to accelerate private and public sector collaboration to develop models that price-in carbon emissions and other ways to incentivize sustainable business practices.   The virtual meeting, aimed at leading an urgent and coordinated response from the private sector, was chaired by UN Special Envoy for Climate Change and Finance, former Bank of England Governor Mark Carney. High profile attendees included GISD co-chairs Oliver Bäte, CEO of Allianz SE and Leila Fourie CEO of the Johannesburg Stock Exchange (JSE); as well as Brian Moynihan, Chairman & CEO of Bank of America; Marcie Frost, CEO of California Public Employees' Retirement System (CalPERS); Michael Corbat, CEO of Citigroup; and Anna Botín, Group Executive Chairman of Banco Santander.    “No country has been spared from the economic ravages of COVID-19, with an unprecedented increase in unemployment and severe impacts falling on the poorest and most vulnerable,” Leila Fourie said today. “The pandemic has exacerbated inequalities which the SDGs are meant to address, and threatens to set back decades of progress.”    Fourie added, “We can still achieve the Goals, but it will take the mobilization of resources from both public and private sources, on a scale greater than previously foreseen.”   According to the Secretary-General, COVID-19 should be a wake-up call for the world. He has urged a green recovery from the pandemic, focused on delivering new jobs and businesses through a “clean, green transition”, tied to sustainable growth and resiliency. He has specifically called for an end to fossil fuel subsidies and said climate risks should be incorporated into financial systems.    Guterres said that crises in general are set to become even more multi-layered and complex, stretching already limited resources and causing more widespread human suffering. He called on the GISD members to seize the moment of the COVID-19 crisis to shape the future for the better.    “COVID-19 has derailed many plans; it has shifted the focus away from long-term planning to immediate needs. But this crisis underscores the need to think long term, build resilience and limit the impact of future crises,” the Secretary-General said.

GISD Members

COMPANY

COUNTRY

GISD REPRESENTATIVE

Allianz SE

Germany

Mr. Oliver Bäte, CEO

APG

Netherlands

Mr. Ronald Wuijster, CEO

Aviva

U.K.

Mr. Maurice Tulloch, CEO

Banco Santander

Spain

Ms. Ana Botín, Group Exec.

Chairman

Bancolombia

Colombia

Mr. Juan Carlos Mora Uribe, CEO

Bank of America

USA

Mr. Brian Moynihan, Chairman & CEO

Caisse de dépôt et placement du

Québec 

Canada

Mr. Charles Emond, President & CEO

California Public Employees'

Retirement

System (CalPERS)

USA

Ms. Marcie Frost, CEO

CIMB

Malaysia

TBD*

Citigroup

USA

Mr. Michael Corbat, CEO

Consejo Mexicano de Negocios

Mexico

Mr. Antonio Del Valle Perochena,

President

Les Eaux Minerales d’Oulmes

Morocco

Mrs. Miriem Bensalah Chaqroun, CEO

Emirates Environmental Group

UAE

Ms. Habiba Al Mar’ashi,

Co-Founder & Chairperson

Enel S.p.A

Italy

Mr. Francesco Starace, CEO & GM

First State Super

Australia

Ms. Deanne Stewart, CEO 

Government Pension Investment Fund

Japan

Mr. Masataka Miyazono, President

ICBC

China

Mr. Shu Gu, President

Infosys

India

Mr. Salil Parekh, CEO & MD

Investec Group

South Africa

Mr. Fani Titi, CEO

Johannesburg Stock Exchange

South Africa

Ms. Leila Fourie, CEO

Nuveen

USA

Mr. Vijay Advani, Executive Chairman

Pal Pensions

Nigeria

TBC*

PIMCO

USA

Mr. Emmanuel Roman, CEO

Safaricom

Kenya

Mr. Peter Ndegwa, CEO

Sintesa Group

Indonesia

Ms. Shinta Widjaja Kamdani, CEO

Standard Chartered

U.K.

Mr. José Viñals, Group Chairman

SulAmerica

Brazil

Mr. Patrick Antonio Claude de

Larragoiti Lucas, Chairman

Swedish Investors for Sustainable

Development 

Sweden

Mr. Richard Gröttheim, CEO, AP7

UBS Group AG

Switzerland

Mr. Sergio P. Ermotti, Group CEO

 * TBC due to recent changes in leadership

Distributed by APO Group on behalf of United Nations (UN).

Related Content

Zindzi Mandela, daughter of Nelson Mandela, has died – ANC spokesman

JOHANNESBURG (Reuters) - Zindzi Mandela, daughter of former South African president and liberation hero Nelson Mandela, has died, the spokesman of the...

Tata International concludes a securitization transaction for its African Subsidiaries

UAE financial centers act as a gateway to benefit African businesses GCC, July 13th, 2020: Tata International Limited (TIL)...

What lies ahead for the COVID-19 hit journalism industry?

The people who bring us the unfettered truth are becoming thinner and thinner on the ground. In these days of COVID-19 journalist jobs are disappearing faster than most. Ten years ago there were 10,000 journalists in South Africa. In March this year there were 5,000. In the last three months that number has dwindled to just 2,500, according to the South African National Editor's Forum. What next? Hopewell Radebe, Journalist with SANEF joins CNBC Africa for more.

Is the SA govt. doing enough to deter COVID-19 price gouging?

More and more companies, engaging in price gouging, are finding themselves in a spot of bother, as consumers refuse to stand for it. The Competition Tribunal has confirmed three more consent agreements, relating to COVID-19 excessive pricing complaints. Since April, over 20 agreements have been confirmed. Bob Makukunzva, Lawyer at Gwina Attorneys joins CNBC Africa for more.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Zindzi Mandela, daughter of Nelson Mandela, has died – ANC spokesman

JOHANNESBURG (Reuters) - Zindzi Mandela, daughter of former South African president and liberation hero Nelson Mandela, has died, the spokesman of the...

What lies ahead for the COVID-19 hit journalism industry?

The people who bring us the unfettered truth are becoming thinner and thinner on the ground. In these days of COVID-19 journalist jobs are disappearing faster than most. Ten years ago there were 10,000 journalists in South Africa. In March this year there were 5,000. In the last three months that number has dwindled to just 2,500, according to the South African National Editor's Forum. What next? Hopewell Radebe, Journalist with SANEF joins CNBC Africa for more.

Is the SA govt. doing enough to deter COVID-19 price gouging?

More and more companies, engaging in price gouging, are finding themselves in a spot of bother, as consumers refuse to stand for it. The Competition Tribunal has confirmed three more consent agreements, relating to COVID-19 excessive pricing complaints. Since April, over 20 agreements have been confirmed. Bob Makukunzva, Lawyer at Gwina Attorneys joins CNBC Africa for more.

COMMENT: AfCFTA is economic medicine Africa needs to recover from the covid-19 pandemic

he vast market created by AfCFTA will provide an immediate boon to nascent plans being guided by the African CDC, NEPAD and others to produce various critical healthcare items such as pharmaceutical compounds, PPE and ventilators in countries such as Nigeria, South Africa and Kenya.

Partner Content

Tata International concludes a securitization transaction for its African Subsidiaries

UAE financial centers act as a gateway to benefit African businesses GCC, July 13th, 2020: Tata International Limited (TIL)...

Uber launches its largest region-wide initiative in partnership with Mastercard

Uber, in partnership with Mastercard to provide 120,000 free trips to frontline workers in MEA, including South Africa, Nigeria, Kenya, Ivory Coast...

Trending Now

President Cyril Ramaphosa’s tribute to Zindzi Mandela

“Zindzi Mandela was a household name nationally and internationally, who during our years of struggle brought home the inhumanity of the apartheid system and the unshakeable resolve of our fight for freedom.

Counting the burials: African nations scramble to track COVID-19

Only eight countries in Africa - Algeria, Cape Verde, Djibouti, Egypt, Mauritius, Namibia, Seychelles, and South Africa - record more than 75% of deaths, according to the United Nations.

Zindzi Mandela dies aged 59

Zindzi Mandela - the daughter of Nelson and Winnie Mandela - died in the early hours of July 13 in a Johannesburg...

South African rand firms as dollar wobble lifts emerging currencies

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Monday, helped by increased risk appetite as investors bet again on a global...
- Advertisement -