ASFI Newsletter – September
Late last month, we were excited to launch our inaugural sustainable finance mentor program, ‘Limitless’. ASFI’s mentor program will match mentees with experienced mentors willing to support the development of the next wave of finance sector changemakers. The program will help participants develop new skills and knowledge, build professional networks, and increase their influence for change and ambition on sustainability within their professional and personal spheres. For further information or to submit an EOI please visit our website. EOIs close COB next Friday 22 September.
It's just over a month until our second Summit is upon us, and tickets are selling fast! Recognising the step-change required in climate action globally, the theme of this year’s Summit is “ambition”. Within this, we will explore the role of financial innovation needed to deploy clean energy and climate solutions at scale, how policy and regulation is evolving to mobilise private capital, and leadership from governments and financial institutions on emerging sustainability issues such as natural capital and First Nations rights and opportunities. Secure your ticket now to access high calibre speakers, expertly curated discussions, and networking opportunities with other industry changemakers.
A friendly reminder that opportunities to exhibit at this year’s Summit are also now open. Build your profile, strengthen relationships with existing networks, interact with industry changemakers and demonstrate your commitment to sustainable finance by reaching out to our team today at info@asfi.org.au.
Last month, ASFI commenced the development of the Australian sustainable finance taxonomy with the appointment of a Taxonomy Technical Expert Group (TTEG). For those interested in learning more about the taxonomy’s development, we welcome you to join our first Taxonomy Information Forum webinar on Wednesday 27 September, from 11:00-11:45 AM (AEST). ASFI's Taxonomy Project Lead, Nicole Yazbek-Martin, will introduce the Australian Sustainable Finance Taxonomy Project's key objectives, governance arrangements and forward work program. Nicole will also provide an overview of the various avenues for engaging with the development of the Australian sustainable finance taxonomy over the next 12 to 18 months. Register here to secure your spot.
ASFI 2023 Work Program
Enabling Sustainable Finance
Sustainable Finance Taxonomy
ASFI is now seeking expressions of interest from individuals across policy, academia, finance, industry and civil society who are interested in contributing to the Australian sustainable finance taxonomy’s development through sector- and subject-specific advisory groups. If you are interested in joining a taxonomy advisory group, please visit our webpage here for more information. The EOI process will close on Wednesday 27 September at 11:59PM (AEST).
The inaugural meeting of the Taxonomy Technical Expert Group (TTEG) was held on 31 August 2023. The TTEG Terms of Reference and Charter are available on ASFI’s website. Meeting minutes, a Register of Interests, a Register of Stakeholder Engagement and decisions of the TTEG will also be published shortly in accordance with the terms set out in the TTEG Charter.
As noted above, ASFI is hosting a Taxonomy Information Forum on Wednesday 27 September from 11:00 – 11:45am. The session will introduce the Australian Sustainable Finance Taxonomy Project's key objectives, governance arrangements and forward work program. Register here.
Natural Capital
We are pleased to have now commenced work on the ‘Valuing Natural Capital’ partnership with the Macdoch Foundation’s Farming for the Future (FftF) through the establishment of the Natural Capital Advisory Group (NCAG). The NCAG aims to support the outcomes of the partnership by facilitating communication, collaboration and upskilling on natural capital between key representatives from financial institutions, agriculture specialists, government, academia, and property valuation specialists. Current confirmed NCAG membership comprises expert participants from financial institutions, which include Australia’s largest agricultural lenders and asset owners; and observers from the agriculture industry, accounting bodies and Australian Government representatives from agriculture and environment.
The inaugural meeting of the NCAG was held on 13 September 2023 in Canberra. The meeting was immediately followed by the Farming for the Future: Natural Capital Summit, where the initial results and insights of Farming for the Future’s national-scale evidence base research connecting on-farm natural capital management and farm productivity were presented and will form the base for future NCAG discussions and the ‘Valuing Natural Capital’ program of work.
The Farming for the Future: Natural Capital Summit unveiled key findings and insights from the initial phase of Farming for the Future’s world-leading research into the value of natural capital for the Australian agriculture sector. Preliminary findings confirm that natural capital is a factor of production in agriculture and that there is a positive correlation between natural capital and farm business performance by enabling improved profitability, resilience, and reduced reliance on inputs. The event featured panel sessions which included participating farmers, their industry partners and economic and scientific agricultural experts.
Policy Engagement
This month ASFI contributed to a joint submission to the International Sustainability Standards Board (ISSB) on proposed priorities for its next two-year work plan, together with 15 peak professional, industry and investors bodies in Australia. The bodies comprise more than 300 companies and 400,000 business and finance professionals, 500 investors with over US$29 trillion assets under management and represent 7.7 million retail shareholders.
ASFI appeared with a small number of members in a public hearing of the Senate Environment and Communications Legislation Committee Inquiry into the Nature Repair Market Bills on 11 September. Drawing on ASFI’s submission to the Nature Repair Market (Consequential Amendments) Bill 2023 in June, key messages for the Senate Committee included reiterating support for the development of a robust, high-integrity market framework to enable funding and investment in nature; and highlighting that additional efforts are needed, beyond the development of a nature market framework, to redirect financial flows towards nature positive outcomes.
Last week the Australian Government released its Southeast Asia Economic Strategy to 2040. The Strategy identifies opportunities to strengthen Australia’s ties with countries in our region to advance mutual prosperity and security. It sets out 75 recommendations, many of which aim to enable greater levels of Australian investment into the region. ASFI was delighted to see a recommendation for Treasury to lead expanded work with Southeast Asian partners on high-quality and interoperable sustainable finance classifications and climate-related disclosure rules. The lack of credible, inter-operable sustainable finance policy in ASEAN is a major barrier to sustainable finance flows. With its own sustainable finance agenda now well underway, the Australian Government is ideally positioned to share its expertise on issues such as transition finance definitions and taxonomy development with partner countries. We hope to see this recommendation implemented in the near future as part of the international pillar of Treasury’s forthcoming sustainable finance strategy. You can read our full response to the Strategy here.
First Nations and Finance
In August, ASFI was proud to announce our support for the Voice to Parliament as part of our ongoing commitment and action to support self-determination and the right of Free Prior and Informed Consent for First Nations Peoples in Australia. ASFI supports the Uluru Statement from the Heart and the establishment of an Indigenous Voice to Parliament as the first step of its implementation. We have put together a list of credible resources and information to help you make an informed decision about the Voice to Parliament and the upcoming referendum on our website here.
ASFI is pleased to be progressing the development and implementation of our First Nations Program with the establishment of a First Nations Reference Group. We will hold the Reference Group’s first meeting later this month.
Sustainable Finance Solutions
ASFI continues to work with DFAT and our members to support the Government’s blended finance programming in the region. We were pleased to see that a number of the recommendations from the Government’s “Invested: Australia’s Southeast Asia Economic Strategy to 2040” supported a greater role for Australia in the region in blended finance.
In November, ASFI will hold a webinar to provide information on the Clean Energy Finance Corporation’s forthcoming request for proposals for the Households Energy Upgrade Fund. The webinar will showcase international examples of home energy finance products and approaches, and discuss challenges, learnings, and successes. More information coming soon.
Finance Sector Leadership
As noted above, in August ASFI was excited to launch our inaugural sustainable finance mentor program, ‘Limitless’. EOIs to join the program will close COB next Friday 22 September. Further information is available here.
Events and Opportunities
We welcome your participation in upcoming public events hosted by ASFI. You can also learn about other upcoming industry events via our Sustainable Finance Events Calendar.
Events
September 24, 11:00am-11:45am: Taxonomy Information Forum - Developing an Australian Sustainable Finance Taxonomy. Hear from ASFI's Taxonomy Project Lead, Nicole Yazbek-Martin, who will introduce the Australian Sustainable Finance Taxonomy Project's key objectives, governance arrangements and forward work program. Nicole will also provide an overview of the various avenues for engaging with the development of the Australian Sustainable Finance Taxonomy over the next 12 to 18 months.
October 24, Sydney: Australian Sustainable Finance Summit. Achieving our collective sustainability goals requires a step-change in action and attitude. ASFI's highly anticipated second Sustainable Finance Summit will focus on driving ambition. High calibre speakers, expertly curated discussions, and opportunities for deeper engagement will inspire and empower this premier gathering of sustainable finance professionals to be the change we need to see.
November 1, 1:00pm - 5:30pm, Sydney: COP31 Base Camp. The Australian Government is hoping to secure the rights to host a UNFCCC Climate conference “COP31” in Australia with Pacific Island nations in 2026. Hosting COP31 would be an opportunity to both demonstrate and drive Australia’s progress towards decarbonisation and climate resilience, and our support for countries in the region. This event invites leaders across diverse sectors, including business, policy and research professionals, to come together in Sydney on 1 November to learn more about the UNFCCC process and champion a whole-of-society approach to COP31. ASFI will be in attendance as part of our early work with members and partners on the opportunities that COP31 provides for driving a more sustainable, resilient, and inclusive Australia. Get in touch with Purdie if you would like more information.
Opportunities
A friendly reminder to subscribe to ASFI’s ‘Sustainable Finance Job Alerts’, where you will receive updates about new listings on our Sustainable Finance Jobs and Opportunities Board. If there are opportunities you would like to advertise to ASFI’s extensive network of sustainable finance, responsible investment and sustainability experts and practitioners, please complete this form.
Current opportunities available:
Yours sincerely,
Kristy Graham
Chief Executive Officer, ASFI