Force For Good
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ISIN | 🆔 |
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Founded 📆 | 2019 |
Founder 👔 | |
Area served 🗺️ | |
Key people | Ketan Patel, Advisory Council Chair |
Members | |
Number of employees | |
🌐 Website | https://www.forcegood.org |
📇 Address | |
📞 telephone | |
Force for Good is an impact organisation that aims to mobilise the deployment of capital as a force for good in the world. The organisation's origins lie in a conference hosted by the United Nations at its Headquarters in New York in 2019. Force for Good manages several programs including the Capital as a Force for Good Initiative, which engages financial institutions and other global stakeholders to fund sustainable development[1], I Love This Planet, a social media platform which mobilises individual contributions to sustainable development[2] and the Breakthrough Transformational Impact Programme, which aims to make direct impacts on the UN Sustainable Development Goals (SDGs) in partnership with private and public institutions.[1]
History[edit]
Force for Good was founded in 2019 as a result of a conference hosted by the United Nations, specifically by the United Nations Conference on Trade and Development (UNCTAD) and the UN Office of Partnerships[3] on funding the SDGs titled The Future of Capital, in Support of the UN Secretary General’s Strategy and Roadmap for Financing the 2030 Agenda for Sustainable Development. The conference highlighted the need to determine how capitalism could drive greater support for the SDGs and to understand the role of the financial sector and the industry’s current engagement efforts.
The Capital as a Force for Good Initiative was launched with the support of the conference's hosts[4] to determine the state of the finance industry’s engagement in ESG, sustainability and stakeholder engagement and to engage industry leaders to mobilise further capital in pursuit of the SDGs,[5] with Force for Good being incorporated as a non-profit organisation to manage the initiative.
Force for Good’s first research report titled Capital as a Force for Good: Global Finance Industry Leaders Transforming Capitalism for a Sustainable Future was released in 2020 at the Global Leadership in the 21st Century Conference organised by the United Nations and the World Academy of Art and Science.[6]
Since this time, Force for Good has continued the Capital as a Force for Good Initiative, publishing annual reports as part of its finance industry engagement, as well as subsequently expanding the scope of its activities.
Capital as a Force for Good Initiative[edit]
Annual Report[edit]
The annual Capital as a Force for Good report provides a snapshot of global finance industry leaders’ engagement across ESG, sustainability and stakeholder engagement. It considers challenges and obstacles for the world to bridge the growing SDG funding gap, examines the current and potential impact of the world’s major stakeholders, highlights specific initiatives as well as shortcomings and provides a perspective on the path to take forward.
- The inaugural 2020 report analysed 63 financial institutions across asset management, banking and insurance representing c.US$100 trillion in assets, identifying the common ground between these companies in doing good, as well as the new ground being broken by industry leaders.[1]
- The 2021 report analysed 100 financial institutions across the aforementioned sectors as well as leading DFIs, technology and fintech organisations, measuring progress and developments in industry leaders' engagement, and further calculating that the UN SDGs were significantly underfunded, with an up to US$100 trillion funding gap through 2030.[7]
- The 2022 report analysed 125 financial institutions across aforementioned sectors as well as leading DFIs, technology and fintech organisations and highlighted the further rise of the SDG funding shortfall to US$135 trillion as a result of COVID-19, inflation, continued inactivity on key goals, and global macro-economic instability.[8]
Participation & Contributions[edit]
As part of the Capital as a Force for Good Initiative, Force for Good engages in active outreach to the finance industry, raising awareness of issues related to sustainable development and the SDGs, and participating in global industry events including the World Investment Forum by UNCTAD,[9] SALT Conference[10] and the Doha Forum[11][12].
Force for Good's team also provides research and contributions to third party publications related to sustainable finance, including the Lancet Covid-19 Commission Task Force Publication[13] and the SDSN European Green Deal Senior Working Group Reports.[14]
I Love This Planet[edit]
Force for Good has developed a social media platform titled I Love This Planet. The platform's mission is to empower individual to make a commitment to sustainable development and to showcase their personal initiatives to make a difference in the world for good. The alpha version of the I Love this Planet platform was launched at the SDG Summit at COP26, with media campaign featuring Dr Jane Goodall's broadcast in Times Square in New York.[2]
Breakthrough Transformational Impact Programme[edit]
Force for Good's Breakthrough Transformational Impact Programme was introduced in the 2022 Capital as a Force for Good report, and aims to make direct contributions to sustainable development partnering with both the private and public sectors to make a difference in SDGs and related topics.
Six Selected Transformative Impact Initiatives[1]
- Affordable Housing - Aims to mobilise international private sector funding for affordable housing in developing economies
- Mass Education - Aims to enable the provision of digital education solutions that are cost effective and scalable to drive global education inclusion
- Mass Financial Inclusion - Focuses on disseminating an open-source digital finance ‘stack’ that can be deployed globally to drive financial inclusion in developing countries
- Impact and the Individual - Identifies key technologies that can make a meaningful contribution to the SDGs, in particular those that enable individuals to make a positive impact on the goals
- Biodiversity - Seeks solutions that enable scaled commercial capital to be deployed to promote and protect global biodiversity at scale
- Impact Externalities - Works to create a standard for pricing the impact of common goods in corporate accounting practises
Force for Good Media[edit]
Force for Good Media, the organisation's online media platform interviews Chief Executive Officers, Chief Investment Officers and Chief Sustainability Officers from leading finance institutions as well as other thought leaders, on topics related to sustainable and impact investing and the deployment of capital for sustainable development. Past interviewees include Sir Jon Symonds, Chairman of GSK,[15] Peter Harrison, Group Chief Executive Officer of Schroders plc[15] and Carsten Stendevad, Co-Chief Investment Officer of Sustainability, Bridgewater Associates.[16]
Force for Good Advisory Council[edit]
- Ketan Patel, Chair
- Helen Alderson, Member
- Edward Braham, Member
- Dr Chantal Line Carpentier, Member
- Nitin Desai, Member
- Garry Jacobs, Member
- Anja Kaspersen, Member
- Jon Miller, Member
- Nicky Newton-King, Member
- Sir Alan Parker, Member
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "Force for Good - Sustainable Finance, Sustainable Development Goals". forcegood.org. Retrieved 2022-07-22.
- ↑ 2.0 2.1 "IlovethisPlanet". IlovethisPlanet. Retrieved 2022-07-22.
- ↑ "Future Capital initiative seeks common solutions to common challenges". UNCTAD. 2019-09-13. Retrieved 2022-10-11.
- ↑ "Finance can be a force for good". Chantal Line Carpentier. 2020-12-17. Retrieved 2022-10-17.
- ↑ "Changing the way capital and finance are allocated". UNCTAD. 2020-12-04. Retrieved 2022-10-11.
- ↑ "United Nations Office at Geneva and World Academy of Art & Science Organize a Conference on Global Leadership for the 21st Century". UN GENEVA. Retrieved 2022-10-17.
- ↑ Jessop, Simon (2021-09-17). "UN faces $100 trln shortfall in fight against climate change, inequality - report". Reuters. Retrieved 2022-07-22.
- ↑ Jessop, Simon (2022-09-08). "Cost to hit U.N. sustainability goals rises to $176 trillion - report". Reuters. Retrieved 2022-10-11.
- ↑ "Capital as a Force for Good: Systemic and Inclusive Change | World Investment Forum". worldinvestmentforum.unctad.org. Retrieved 2022-10-11.
- ↑ "SALT — Ketan Patel". SALT. Retrieved 2022-10-11.
- ↑ "Sustainable Development in the Gulf Amid Global Transition for Low Carbon Energy". Qatar Free Zones. 2022-03-27. Retrieved 2022-10-14.
- ↑ "Theme". Default. Retrieved 2022-10-14.
- ↑ "Green Recovery". Lancet Commission on COVID-19. Retrieved 2022-10-11.
- ↑ "European Green Deal Senior Working Group". SDSN Europe. Retrieved 2022-10-11.
- ↑ 15.0 15.1 "Capital as a Force for Good: session 1 | World Investment Forum". worldinvestmentforum.unctad.org. Retrieved 2022-10-17.
- ↑ Carsten Stendevad, Co-CIO of Sustainability, Bridgewater Associates, retrieved 2022-10-14
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