According to its 2021/2023 strategic plan, the Financial Services Commission is already on track to promote the creation and re-domiciliation of funds and investment firms integrating Environmental, Social and Governance (ESG) strategies and the United Nations Sustainable Development Goals (SDGs). The FSC organized a virtual workshop on “Investment Treaties and Climate Change: Supporting Environmentally Responsible Investment and Climate Action Policy“.
“The Zero Carbon Goal is no longer a Necessity but an Emergency! The focus has shifted from environment ministries to finance ministries, trade ministries and central banks. What if we don’t have a planet anymore?” asked Dhanesswurnath Thakoor, CEO of the FSC
It’s a workshop that is generating a lot of interests. Organized by FSC’s Regional Centre of Excellence (RCE), in collaboration with the Organisation for Economic Co-operation and Development (OECD), this virtual workshop brought together 293 participants from 46 countries to follow and share strategic points for investment in sustainable development in the region and in Mauritius. As Dhanesswurnath Thakoor, CEO of the FSC, told Le Matinal Media, “We need to raise awareness of the climate change issue among all financial actors, which is now urgent, in order to reach the objective of limiting global warming to 1.5 Degrees Celsius, and to achieve net zero emissions by 2050.” He recalled the commitments made by our Prime Minister, Pravind Jugnauth at Cop 26 in Glasgow, which included reducing greenhouse gas emissions by 40% in Mauritius by 2030 and phasing out coal in electricity generation. Indeed, global warming and rising sea levels represent an existential challenge for small island states, like Mauritius.
So, this big meeting is precisely to think about these next steps and discuss financing. Dhanesswurnath Thakoor makes it clear that “We will not get the aid directly, these countries will look after and provide the necessary funding to help us towards the Green and make other investments. In Mauritius, we already have structures in place for these funds to be domiciled here. But this is a very long-term thing. For the time being, we will listen to the experts and how they will channel us as our commitment is precisely to turn towards the Green“.
FSC’s CEO mentioned that the Bank of Mauritius has already launched a Climate Change Center, which will “spearhead efforts to measure, analyse, manage and mitigate climate change risks“. He also recalled that the FSC is actively involved in this process and is a member of the International Association of Insurance Supervisors Climate Risk Steering Group, which is responsible for the overall coordination of the work of the IAIS and that the FSC is committed to ensuring strategic ESG compliance. He took the opportunity to congratulate the Minister of Finances for this Budget, which is in line with these green projects. “I even think that we should focus on 100% EV” he said.
The Virtual Workshop also featured contributions from various experts, including Harvesh Seegolam, the Governor of the Bank of Mauritius and Chairman of the Board of Directors of the RCE, Mardayah Kona Yerukunondu, the Chairman of the Financial Services Commission, Navin Beekarry, the Director General of the ÍCAC, FSC board members, CEN board members, Winfrid Blaschke, the Deputy Head of Investment Division, OECD, Oliver Garrett-Jones, the Head of Blockchain Policy, OECD and a panel of experts from the Finance and Ecology sectors.
Below are the interventions of Dhanesswurnath Thakoor, CEO of the FSC:
