Introducing the Glasgow Private Finance Accord (GPFA)
ClimateSAN is working with Aviva Investors to create a short (< 2 min.) explainer video, which briefly explains why and how private financial markets are currently undermining the Paris Agreement, the urgent need to address this issue and introduce the proposed Glasgow Private Finance Accord (GPFA). It is planned to include the following components:
a) Explains the climate in terms of what it has been, where we are heading, and what it means in terms of financial impact. To give you an idea what some major institutions like Aviva Investors, which manages over £346 billion (US$465B) in assets, are concerned about, see:
Video: Our Planet: Too Big To Fail is a 42 minute film that explores the risks of inaction, the impact of investing-as-usual, and the role the finance sector can play in powering a sustainable future.
b) Outlines some of the ways the current financial markets undermine the Paris Agreement.
c) Explains why we need to raise the money from the [financial] system and deploy it “in a way that ensures that the markets support the Paris Agreement rather than undermine it.” (Quote from video about the IPCF).
d) Quotes key facts from climate scientists about why large scale action is needed now to achieve the goals of the Paris Agreement and highlight key changes that are needed to incentivize the financial markets to support this agreement so that these goals can be achieved.
e) Explains that as a result of the growing recognition of this problem, a coalition, consisting of a wide range of stakeholders including major financial institutions such as the Aviva Investors, has formed to develop and propose an agreement called the Glasgow Private Finance Accord (GPFA)that would help change the incentives in private financial markets so that these markets would support the Paris Agreement.
f) Explains key features of the proposed GPFA including establishing the IPCF. Note: It could include similar information about the IPCF as shown in this script: Script for last part of CSSF video that will Introduce the GPFA and IPCF.
g) Call to action: Invites everyone to share information with their respective networks about the need to change the incentives in the private capital markets and then introduce the proposed GPFA as an effective mechanism to facilitate these changes.