Tuesday 12 November 2024, London: Barclays Group Chief Executive, C.S. Venkatakrishnan, is the new Chair of the Sustainable Markets Initiative’s Financial Services Task Force, which brings together CEOs from across the global banking sector to focus on how to effectively mobilise capital at scale and support the transition to net zero. He takes over from Noel Quinn, who led the Financial Services Task Force since its launch and who recently retired as CEO of HSBC.

Launched in 2020 by His Majesty King Charles III, then The Prince of Wales, the Sustainable Markets Initiative brings together private sector organisations from industry and the financial services, alongside governments, to work together to collectively develop solutions and to innovate, accelerate and drive progress towards a sustainable future for Nature, People and Planet.

C.S. Venkatakrishnan said: “I am honoured to be leading the Financial Services Task Force. We recognise the crucial role the banking sector plays, but we cannot work in isolation. By coming together through the Sustainable Markets Initiative, we are able to drive the collective effort needed to address the climate and biodiversity crisis.

“On behalf of the Financial Services Task Force, I would like to thank Noel for his leadership and look forward to continuing to work with him as he takes on his new Ambassadorial role.”

Noel Quinn, said: “It was a privilege to lead the Financial Services Task Force over the past four years. The collaboration that we fostered across the banking sector helped to accelerate efforts to reach net zero, including through the development of a robust and credible framework for banks to set and achieve net zero goals. I’m now pleased to hand the chairmanship of the Task Force on to Venkat, and I look forward to continuing to work with him and the SMI to drive further progress.”

Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, added: "Governments around the world are grappling with the challenge of how to finance the transition to a low-carbon economy, with over 200 countries last year agreeing to transition away from fossil fuels by 2050. It is clear that the banking sector is fundamental to addressing this challenge and I am delighted that our Financial Services Task Force - which has been stewarded so expertly by Noel for the past four years - will continue to be a market-leading convener of global finance expertise under the leadership of Venkat."

Since it was established, the Financial Services Task Force has explored and developed key materials to support the industry, including examining how the banking sector can adopt a consistent and transparent approach to the transition to net zero, to building institutional capacity in - and understanding of - Nature-based-Solutions.

Read the full press release here