The 2024 G7 Summit was held in Borgo Egnazia, Fasano, Puglia, 13 – 15 June 2024. The CEOs of Microsoft (MSFT), BlackRock (BLK), and Brookfield (BAM) were invited to join the inter-governmental event for the first time, and committed to invest $ billions in “net new money” in Asia and Africa alongside the Partnership for Global Infrastructure and Investment (PGGI), a US and G7-led initiative designed to act as “geo-economic counterweight” to Chinas’ Belt and Road Initiative (BRI).
Nicolas Firzli, founder, World Pensions Council, chaired the 2024 G7 Pensions Investment Dialogue held in Fasano on the sidelines of the G7 Summit. Chris Smith, Chair, Westminster Pension Fund, joined him in Puglia, and the Hon. Nick Sherry, Chair, Australian Transport Pension Fund (TWUSuper), and other pension board members joined them on site or via video-link: a short summary of some of the discussions will be published next month.
A special session focusing on “infrastructure debt and climate action for institutional asset owners” was also held with Sebastian Carneiro, co-founder and CEO of Solas Capital, who joined the discussions via video-link from Zurich. Among the ideas advanced to facilitate the allocation of more private sector capital to climate informed middle-market assets across Europe and G7 member states:
- Cut down on lenghthy legal and regulatory requirements to accelerate role out e.g., wind parks. Planning time for project developers in certain countries in Europe can reach 7 years.
- Implement the “energy efficiency first “ principle across the board in all regulations and public procurement. Energy efficiency measures applied to existing asset stocks such as real estate are equally important to reach our climate goals as the build out of greenfield renewable energy projects
Read/watch our G7 Summit and G7 P7 Dialogue closing remarks and interviews here (click http link)
Learn more about the convergence of tech, climate finance, infrastructure investment & geoeconomics and their impact on financial markets: join the world’s leading experts in the field “from Canberra to Cambridge” at the City of London Forum 21–22 October 2024
The Future of Finance: CityEvent.org