South Pole pushes green finance into the mainstream with Open Innovation Platform
To help mainstream green finance towards a 1.5C-compatible system, sustainability solutions provider South Pole has launched the Open Innovation Platform to increase collaboration between sustainable European financial centres.
Working under the UN-led Financial Centres for Sustainability (FC4S) Network to accelerate green and sustainable finance, the Open Innovation Platform will help identify and address the key challenges facing financial centres to enable systemic innovation.
The platform will also focus on designing new products and services that contribute to the shift towards a green and sustainable financial system.
Together with 12 participating financial centres across Europe, including London, Frankfurt and Luxembourg, the Open Innovation Platform will test several innovation mechanisms in early 2019, with the aim of having over 30 European financial centres on board by the 2021.
Potential innovation mechanisms under consideration include:
- Hackathons to identify new ideas and relationships
- A dedicated communications platform for participating financial centres to exchange experiences, plans and promising initiatives An innovation lab to accelerate the development of solutions, products and services to help the financial sector on their sustainability journey
- Collaboration mechanisms to help catalyse joint initiatives between two or more financial centres
- A policy and systems innovation mechanism to develop and implement novel policy options to drive the transition to green finance
- A green finance startup accelerator to support climate/fintech start-ups
“ We must set the standard for how sustainable finance should be practised going forward. Innovations and lessons learned need to be shared far and wide, which is why we are thrilled to be part of launching the Open Innovation Platform, a critical piece in the work of the UN-led Financial Centres for Sustainability initiative, " says Hanna Värttö, Senior Expert, Climate Risks and Opportunities Financial Industry, South Pole.
For full details, read the press release.