Starace (Enel) among 30 Business Titans Joining UN Push to Scale Up Private Sector Investment for Sustainable Development

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NEW YORK, OCTOBER 16 – Francesco Starace of Enel is one of the 30 influential leaders from the corporate world who will work together over the next two years in a bid to free up trillions of dollars from the private sector to finance the Sustainable Development Goals.

Convened by Secretary-General António Guterres, the Global Investors for Sustainable Development (GISD) Alliance is co-chaired by Oliver Bäte, CEO of Allianz, and Leila Fourie, CEO of the Johannesburg Stock Exchange, and includes the heads of Bank of America, Citigroup, ICBC, Infosys, Investec, Santander, UBS and other prominent international corporations such as Enel Spa. (See complete list below.)

“We face widening inequality, increased devastation from conflicts and disasters and a rapidly warming Earth. These leaders have seized our sense of urgency, recognizing that our pace must be at a run, not a crawl,” Guterres said. “They are committing to cooperate across borders, across financial sectors and even with their competitors, because it is both ethical and good business sense to invest in sustainable development for all people on a healthy planet.”

The High-Level Dialogue on Financing for Development held during the recent UN General Assembly brought to attention the urgent need for increasing government spending on crucial sectors such as health, education, infrastructure, and climate change. Most developed countries have not met their commitments to ODA, while factors like poverty, corruption, and tax evasion limit domestic resources in developing countries.

The development finance needs are estimated at trillions of dollars per year, and even if funding from all public sources is maximized, there will still be a significant shortfall, making financing from the private sector imperative.

“As responsible companies, we can create long-term value by embedding sustainability into our core business,” said Bäte. “Investing in the stable development of societies across the globe is not only the right thing to do, it also includes economic opportunities. We are convinced that investments in emerging markets can foster sustainable growth without losing sight of our customers’ interests.”

The UN’s research suggests that there is no shortage of money from the private sector which could be invested in sustainable development. However, a combination of factors, including the policy environment, incentive structures and institutional conditions, tend to discourage the kind of long-term commitment that is needed.

“The establishment of the GISD Alliance acknowledges the scale of the challenges we face collectively and the role that the finance sector has to play in meeting these challenges,” said Fourie. “Exchanges are a vital part of the financing ecosystem – promoting relevant disclosure, enabling effective price discovery, and ultimately mobilising funds to productive ends. We all have much work to do, and the time to start is now.”

The Alliance aims to use their expertise, influence and business acumen in devising ways to stimulate long term investment in development and speed up progress towards achieving the SDGs.

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 Botin, 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. Michael Sabia, President & CEO
California Public Employees’ Retirement System (CalPERS) USA Ms. Marcie Frost, CEO
CIMB Malaysia Mr. Zafrul Aziz, Group CEO & ED
Citigroup USA Mr. Michael Corbat, CEO
Consejo Mexicano de Negocios Mexico Mr. Antonio Del Valle Perochena,President
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. Hiro Mizuno, Exec. MD & Chief Investment Officer
ICBC China Mr. Shu Gu, President & ED
Infosys India Mr. Salil Parekh, CEO & MD
Investec Group South Africa Mr. Fani Titi, Co CEO
Johannesburg Stock Exchange South Africa Ms. Leila Fourie, CEO
Nuveen USA Mr. Vijay Advani, CEO
Pal Pensions Nigeria TBC*
PIMCO USA Mr. Emmanuel Roman, CEO
Safaricom Kenya Mr. Michael Joseph, CEO a.i.
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
TDC Group A/S Denmark Ms. Allison Kirkby, Pres. & Group CEO
UBS Group AG Switzerland Mr. Sergio P. Ermotti, Group CEO

*Due to a recent change in leadership, the representative of Pal Pensions will be appointed at a later date. (@OnuItalia)