Industry Task Force

Financial Services Task Force

At The former Prince of Wales’ invitation, executives from a number of the world’s largest banks have come together as members of the Sustainable Markets Initiative’s (SMI) Financial Services Task Force (FSTF) to work on meaningful and actionable plans to help accelerate the world’s transition to a sustainable future.

The FSTF operates as an industry sub-group of the SMI and is chaired by Noel Quinn, Group Chief Executive of HSBC. Its members are drawn from across the banking industry.

Committed to change

The financial services industry plays an important role in this transition to a net-zero economy. Recognising this, FSTF member organisations are committed to mobilising finance, and working with customers to support their transition.

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    Latest news from the FSTF

    Coalition of Banks Launches Guide for Industry's Transition to Net Zero

    20th October 2021: The former Prince of Wales’ Financial Services Task Force (FSTF) launches a Net Zero Practitioner’s Guide to help the banking industry adopt a consistent and transparent approach to supporting clients’ transition to net zero. The FSTF Practitioner’s Guide combines the knowledge and collective experience of 11 banks. The guide is designed to support the implementation of banks’ net zero commitments and meet the growing need for specificity.

    Read the full press release

    Download the FSTF Practitioners Guide


    The Role of Banks in Catalysing the Voluntary Carbon Markets

    27th October 2021: Members of The former Prince of Wales Financial Services Task Force (FSTF) today signal their collective support for the role of voluntary carbon credits as a critical tool to achieve a Net Zero economy.

    In a paper published today, the Task Force announced its support for increasing investment and financing in activities that generate high quality carbon credits, as well as advocating their use as part of their clients’ science-aligned Net Zero strategies, where there are limited technologically or financially viable options to abate. This will involve working alongside and supporting existing initiatives such as the Task Force on Scaling Voluntary Carbon Markets (TSVCM) and other industry initiatives.

    Read the full press release

    Download the Carbon Credits paper

    The Financial Services Task Force Endorsement of FAST-Infra Sustainable Infrastructure Label

    Members of the Sustainable Market Initiative’s Financial Services Task Force (FSTF) recognise the role of banks in mobilising financing to advance the development of more sustainable infrastructure around the world. Members of the FSTF endorse the framework and criteria of the FAST-Infra Sustainable Infrastructure Label (‘SI Label’), launched during COP26, as an important part of the financing solution, helping to match the supply of capital with project demand. Alongside the FSTF, the framework and criteria of the SI Label has also been endorsed by other leading financial services coalitions whose combined assets under management are in the trillions.

    Read the full press release

    Open letter of support – FAST-Infra label consultation

    22 July 2021: The Sustainable Markets Initiative announces its strategic partnership with a new scheme, developed by the ‘FAST-Infra’ initiative (Finance to Accelerate the Sustainable Transition): designed to help close the trillion-dollar sustainable infrastructure gap. It is a priority workstream within the SMI’s Financial Services Task Force (alongside the Task Force champions from the Asset Managers & Asset Owners and Insurance Task Forces).   

    Read the full letter

    As part of its work, FAST-Infra is developing a Sustainable Infrastructure Label (SI Label). This is intended to be a globally applicable label to designate infrastructure projects that fit within the sustainable infrastructure asset class through their positive contribution to sustainability criteria. The SI Label is currently under consultation, providing an opportunity for market participants to present feedback on the product’s suitability as a vehicle to transform sustainable infrastructure into a mainstream, liquid asset class. We call on all interested market participants to take part in the consultation process.

    Details regarding the consultation are available here

    The deadline for submitting comments for the consultation is 17:00UKT on Tuesday 31 August 2021

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    The Glasgow Financial Alliance for Net Zero

    On 21 April, as part of President Biden’s Climate Summit, a partnership involving Mark Carney and the COP26 Private Finance Hub, the UNFCCC Climate Action Champions and the Race to Zero campaign launched a coalition that brings together existing and new net zero finance initiatives into one sector wide strategic forum: The Glasgow Financial Alliance for Net Zero (GFANZ). Existing Alliances that are joining GFANZ include: the Net Zero Asset Owners Alliance (members include: Allianz, Axa and Zurich) and the Net Zero Asset Managers Alliance (members include: BlackRock, Fidelity and Vanguard).

    GFANZ is intended to bring together members of the financial system (banks, asset owners, etc.) to help coordinate initiatives and provide consistency, cohesion, and strategic direction as we transition to net zero. It will also help broaden and raise ambition, solve cross-cutting challenges and identify the opportunities for the financial system to work together to support the whole-economy transition that is needed to achieve net zero.

    As part of GFANZ’s launch a new industry-led, UN-Convened Net Zero Banking Alliance (NZBA) has also launched as a sub-stream of GFANZ to complement the already in existence Asset Owners Alliance and the Asset Managers Alliance. The NZBA, co-launched by the Financial Services Task Force – with 9 out of the 11 FSTF member banks signing up to join the NZBA at launch initiated by The former Prince of Wales’ Sustainable Markets Initiative – provides a platform to help shape the agenda pre-COP26.

    Brian Moynihan, Co-Chair of the SMI and Chairman and Chief Executive of Bank of America, said:

    This commitment to net-zero by the SMI financial services leaders is an example of the leadership that the CEOs of SMI companies can generate by working together. We will work closely with CEOs from other industry groups and others to continue to drive the other SMI priorities established by The former Prince of Wales in the Terra Carta earlier this year.

    Noel Quinn, Chair of SMI Financial Sector Task Force and Group Chief Executive of HSBC, said:

    A commitment to financing the transition to net zero is essential. It’s important that the banking sector is committed to providing the financial support needed to help customers on that transition. But we have to establish a robust and transparent framework for monitoring progress against that objective and we want to set that standard for the banking industry. Industry-wide collaboration is essential in achieving that goal. I’m delighted that banks from the SMI Financial Services Task Force have joined forces to establish the Net Zero Banking Alliance.

    More information about GFANZ (

    The Financial Services sector has a vital role to play as a catalyst and driver for change across other industries. I am delighted that the Financial Services Task Force has come together under the SMI umbrella to identify ways to set our planet on a fundamentally more sustainable trajectory.

    The former Prince of Wales
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    Climate change is bigger than any institution or industry. In coming together, we recognise the critical role our organisations play in the fight against it. The Financial Services Task Force is committed to accelerating efforts within the banking sector, recognising its catalytic role across all industries, to move towards a net-zero economy.

    Noel Quinn, Chairman of the FSTF and Group Chief Executive of HSBC
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    Task Force members

      • HSBC

        Noel Quinn

        Group Chief Executive

      • Bank of America

        Brian Moynihan

        Chairman and CEO

      • Barclays

        C.S. Venkatakrishnan


      • BNP Paribas

        Jean-Laurent Bonnafé


      • Citi

        Jane Fraser

        President and Incoming CEO

      • Coutts

        Peter Flavel


      • Sustainability, Research and Investment Solutions, Credit Suisse

        Lydie Hudson


      • J.P. Morgan Asset & Wealth Management

        Mary Erdoes


      • Lloyds Banking Group

        Charlie Nunn

        Group Chief Executive

      • Macquarie Capital

        Mark Dooley

        Global Head of Green Investment Group

      • NatWest Group

        Alison Rose

        Group CEO

      • Standard Chartered Bank

        Bill Winters

        Group Chief Executive

        Further information

        For roundtable and Task Force enquiries please contact: