Cathay Financial Holdings, World Climate Foundation's First Global Strategic Partner in 2023, Aiming to Accelerate Climate Finance Beyond Taiwan

Rhea-AI Summary

Cathay Financial Holdings (Cathay FHC) has partnered with the World Climate Foundation (WCF) for the third consecutive year to enhance climate finance initiatives. In an online ceremony, leaders from both organizations discussed the vital role of financial institutions in supporting sustainable economic development and facilitating investments in green energy transitions. Cathay FHC has been instrumental in promoting climate-risk mitigation in Asia since becoming WCF's first strategic partner during COP26 in 2021. The collaboration aims to address urgent issues at upcoming climate events, including COP28, highlighting the financial sector's importance in achieving a low-carbon economy. Jens Nielsen, CEO of WCF, praised Cathay FHC for its significant impact in the Asia-Pacific region, indicating the need for reform in international financial institutions to boost climate finance.

Positive

• Cathay FHC is WCF's first global strategic partner in 2023, which may enhance its reputation and influence in sustainable finance.
• The partnership focuses on accelerating climate finance, potentially attracting new investments and initiatives.
• Cathay FHC's past involvement in major climate events positions it as a leader in promoting green transitions in Asia.

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• None.

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.

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SOURCE Cathay Financial Holding Co., Ltd.

FAQ

What is the purpose of the partnership between Cathay FHC and WCF?

The partnership aims to enhance climate finance and promote sustainable economic development through the financial sector.

When did Cathay FHC become a strategic partner of WCF?

Cathay FHC became WCF's first strategic partner during COP26 in 2021.

What are some key events related to climate finance that Cathay FHC will participate in?

Cathay FHC is engaged in events like COP28, Climate Investment Summit in London, and the World Biodiversity Summit.

Who are the key figures mentioned in the partnership announcement?

Key figures include Chang-Ken Lee, president of Cathay FHC, and Jens Nielsen, founder and CEO of WCF.

How is Cathay FHC addressing climate change challenges in Asia?

Cathay FHC is channeling global green transitions to Asia, focusing on climate-risk mitigation and sustainable investments.