The Regional Centre of Excellence of the Financial Services Commission, Mauritius (FSC), in collaboration with the Organisation for Economic Co-operation and Development (OECD), organised, yesterday in Ebène, a virtual workshop on the theme "Investment Treaties and Climate Change: Supporting climate-friendly investment and policy space for climate action". Some 293 participants from 46 different countries participated in this workshop.
The opening ceremony was held in the presence of the FSC's Chief Executive, Mr Dhanesswurnath Thakoor, the FSC's Chairperson, Mr Mardayah Kona Yerukunondu, and other eminent personalities.
In his address, Mr Thakoor highlighted that the theme and proposed panel discussion for the workshop was very much relevant to what we are already witnessing as effects of the climate change. According to him, action for the cause of climate has already become an urgency rather than a necessity, so as to achieve the objective of limiting the global warming to 1.5 degrees Celsius and to achieve the net zero global emission by 2050 as per the resolution of the COP26 Summit held in Glasgow in November 2021.
He underscored that a number of actions have been taken to support this initiative at domestic level. The Bank of Mauritius, he observed, has already launched a Climate Change Centre, which will spearhead efforts in measuring, analysing, managing and mitigating climate change risks. He also recalled that back in 2018, the FSC was already a signatory of the "Marrakesh Pledge", which is a multilateral commitment that is based on the coalition of financial authorities and market exchanges of the African continent to implement measures for achieving green growth in Africa.
Furthermore, Mr Thakoor underlined that in pursuance of its work in this direction, the FSC has issued its Guidelines on Green Bonds in December 2021 in line with the requirements of the Bank of Mauritius' guide for issue of sustainable bonds issued during the same year in June. The FSC, he added, as part of its Strategic Plan for 2021/23, has taken the commitment to promote the setting-up and redomiciliation of funds and investment businesses, with embedded Environmental, Social and Governance strategies or with objectives aligned with the United Nations Sustainable Development Goals.
The workshop was divided into two sessions, namely: Investment treaties and climate change - impact on government policy space for climate measures; and Investment treaties and climate change - alignment of finance flows.