ABOUT THIS REPORT
The Capital as a Force for Good Initiative was launched in 2020 to promote capital as being a force for good in the world at a time of profound and multi-dimensional global change. The finance industry has a critical role to play in addressing the major challenges facing the world today, mobilizing capital and breaking new ground in financing innovative, sustainable, and inclusive solutions that build a better future for all. The initiative seeks to engage the world’s major financial institutions and collaborate with industry leaders to conceive and execute ambitious initiatives that raise the bar for others to follow. In pursuit of these objectives the Capital as a Force for Good Initiative conducts primary research, including the publishing of reports and briefs, provides a platform for the finance industry to collaborate and share their efforts, and organizes events to promote the finance industry actively addressing the world's biggest challenges as a force for good.
The first part of this report lays out the challenges the world faces in funding the SDGs, the growing funding need, and the current shortfalls in actual spending, against the backdrop of the world's financial resources and an overview of the stakeholders who control them. The second part provides an overview of the global finance industry’s engagement as a 'force for good' based on their commitments and actions with regards to a broad range of objectives focused on ESG, sustainability, and stakeholder engagement (including equality, inclusion, and development), establishing the evolving common ground among finance industry leaders across banking, insurance, and the broader asset management sector. The report also examines the most ambitious and innovative initiatives by industry leaders across these areas that are breaking new ground for the finance industry's engagement in terms of scale, or the impact delivered.
The report's analysis is based on a detailed dataset/database capturing the engagement and initiatives of 100 of the world's largest financial institutions across the globe, with c.30 of these actively participating in the research process, providing additional data, sharing information on their efforts, and engaging with the Capital as a Force for Good initiative. This report also benefits from the analysis and engagement of seven development financing institutions and multilateral development banks, and the examination of five global technology companies and five fintech companies.
The report builds on the research of the 2020 inaugural Capital as a Force for Good report, charting the growth in engagement by industry leaders and the growing common ground of action. This year's report also seeks to measure the impact of the world's largest financial institutions, reporting and measuring their force for good initiatives in a standardized fashion. This report would not have been possible without the decades of work by the United Nations, particularly UNCTAD, UNDP, UNEP, the Global Investors for Sustainable Development (GISD) Alliance, and the UN-PRI, which have pioneered the global efforts in sustainably, development and inclusion.
The Capital as a Force for Good report has been prepared and issued by the F4G Foundation, a non-profit organization established in 2021 to manage the reporting process, the outreach to active participants and other stakeholders and to serve as a platform to engage the finance industry and manage broader initiatives that position capital as a force for good in the world.
The Advisory Council for the Capital as a Force for Good Initiative comprises:
Helen Alderson, Head of Regional Delegation to the UK and Ireland, International Committee of the Red Cross; former CEO of the World Heart Federation
Edward Braham, former Senior Partner at Freshfields Bruckhaus Deringer; Board Director, and Leadership Council of The CityUK
Nitin Desai, former Under-Secretary-General for Economic and Social Affairs of the United Nations; formerly Secretary & Chief Economic Adviser in the Finance Ministry, India
Garry Jacobs, President and CEO, World Academy of Art and Science; Chairman and CEO, World University Consortium; President of The Mother’s Service Society; Executive Director, International Center for Peace and Development; Full Member of the Club of Rome
Anja Kaspersen, Senior Fellow Carnegie Council; former Director of the UN Office for Disarmament Affairs in Geneva and Deputy Secretary General of the Conference on Disarmament; formerly executive at the International Committee of the Red Cross, and the World Economic Forum
Jonathan Miller, Partner, Advancit Capital; Director of BBC News Worldwide; former Chairman and Chief Executive of News Corporation’s digital media group and News Corporation’s Chief Digital Officer; former Chairman and CEO of AOL Inc; Senior Media Advisor to Global Citizen
Sir Alan Parker, Chairman and founder of Brunswick; former Chair of Save the Children International; Chairman of HRH The Duke of Edinburgh’s Commonwealth Study Conferences
Ketan Patel, Chairman, Force for Good; CEO and Founder, Greater Pacific Capital; formerly Managing Director, Goldman Sachs, Head of Strategic Group; former Partner, KPMG