PARIS, July 10, (KUNA): Paris will host on Wednesday the One Planet Sovereign Wealth Funds meeting to boost efforts to mitigate climate change effects and help create financial model for promoting low-carbon economic development. Kuwait will be represented in the meeting by Managing Director of the Kuwait Investment Authority Farouk Bastaki.
The meeting, which will be chaired by French President Emmanuel Macron, plays a driving role in the consolidation of initiatives to finance the fight against climate change and environmental degradation.
Kuwait is one of the six founding members of the One Planet SWF initiative, championed by Macron. The “One Planet Sovereign Wealth Fund Working Group” aims to accelerate efforts to integrate financial risks and opportunities related to climate change in the management of large, long-term asset pools.
The initiative builds on the growing body of practice in the investor community, increases the efficiency in global capital allocation, thereby contributing towards the smooth transition to a more sustainable, low-carbon economy