Memorandum of Understanding - Finance Montréal and Frankfurt Main Finance jointly sign statement of intent to support the Global Baseline in Sustainability Reporting by the ISSB Green and Sustainable Finance Cluster Germany in supporting role
Montreal, June 22, 2023 – Ahead of the International Sustainability Standards Board’s (ISSB) issuing of its first two international standards for sustainability-related disclosures in the week of June 26, 2023, Mr. Jacques Deforges, Chief Executive Officer of Finance Montréal, and Mr. Hubertus Väth, Managing Director of Frankfurt Main Finance, have signed a memorandum of understanding (MoU). Its aim is to advance capacity development related to the ISSB’s global baseline of sustainability-related disclosures. The signing took place in the presence of ISSB Vice-Chair, Mr. Jingdong Hua.
This statement of intent sets out the collaboration between Finance Montréal and Frankfurt Main Finance, the financial clusters that represent the financial ecosystems of the IFRS Foundation’s two ISSB host cities. Both clusters will develop awareness, training and networking opportunities related to the new international sustainability disclosure standards. Their collaboration aims at helping local members of their financial ecosystems understand the new standards, and provide them with the tools to better integrate them into their reporting.
The collaboration between the two organizations will help develop capacity through various activities such as webinars, conferences and thought leadership articles. The specific focus areas will include climate change and – pending public consultation of the ISSB’s agenda priorities for its next two-year work plan – biodiversity and human capital. Expertise, contents and learnings will be exchanged, so as to benefit the Montreal and Frankfurt financial ecosystems, both home of the ISSB’s offices.
Quote by Florian Toncar, Member of the German Bundestag, Parliamentary State Secretary at the German Federal Ministry of Finance
“It is great to see that Frankfurt, as a strong financial center, joins forces with Montréal to advance the global sustainable finance agenda. The global baseline of the International Sustainability Standards Board (ISSB) is a major building block in this regard. With the ISSB‘s presence in both Frankfurt and Montréal, the collaboration of these financial hubs on capacity building is of high importance for the global transition towards a climate-neutral and sustainable economy.”
Quote by Eric Girard, Minister of Finance of Québec
"This collaboration between Finance Montréal and a major international organization is a testament to the leadership of Montréal and all of Québec in sustainable finance. I welcome this initiative, which will help the financial sector play its part in the fight against climate change."
Quote by Jacques Deforges, Chief Executive Officer, Finance Montréal
“Finance Montréal is proud to collaborate with Frankfurt Main Finance to establish a common framework for capacity-building programs for the financial sector. These awareness-raising and training efforts will help accelerate alignment of financial sector institutions with the global baseline in sustainability-related disclosures. They also are further evidence of Montreal and Frankfurt's leadership as centres of excellence in sustainable finance. Quebec's financial ecosystem has a strong appetite for sustainable finance, which will guide the future of finance. Finance Montréal will support its members in playing a leading role in this essential transition.”
Quote by Gerhard Wiesheu, President, Frankfurt Main Finance
"To address the lack of high-quality data on sustainability is on top of the bucket list for everybody interested in financing the transformation to Net Zero. ISSB addresses this challenge heads on. Their go on establishing the global base line on sustainability reporting deserves the full support of all actors in the financial arena. Our both financial centres cooperation aims to align research and education to ensure a quick uptake."
Quote by Jingdong Hua, Vice-Chair, International Sustainability Standards Board
"On behalf of the ISSB, I would like to congratulate Finance Montreal and Frankfurt Main Finance on formalizing their ongoing collaboration. Together, they are setting an excellent example of cooperation to support the application of the ISSB's inaugural standards."
Quote by Michael Schmidt, Managing Director, Green and Sustainable Finance Cluster Germany
“As a partner of Finance Montreal in the global network of Financial Centres for Sustainability (FC4S) and of Frankfurt Main Finance in Germany we will support the cooperation in our workstreams. Meaningful, consistent and reliable corporate reporting standards are an important accelerator for financing the ambitious transition paths towards sustainable business models.”
The MoU came into effect at time of signing.
About Finance Montréal
Established in 2010, Finance Montréal, the financial cluster of Quebec, is at the heart of the development and promotion of Quebec's financial services industry and its positioning as a global business hub that is growing, competitive, attractive, and innovative. With its International Financial Center (CFI) team, Finance Montréal works to attract foreign financial companies to Montreal. The organization also focuses on fintech and innovation, sustainable finance, and talent development. As a hub for the financial community, Finance Montréal mobilizes its stakeholders around these areas, including the community built around the Montréal FinTech Station that it administers. To learn more about Finance Montréal, visit www.finance-montreal.com/en or our LinkedIn page.
About Frankfurt Main Finance
Since 2008, Frankfurt Main Finance has been the financial centre initiative of the leading financial centre in Germany and the euro zone. Its more than 75 members include the State of Hesse, the cities of Frankfurt and Eschborn, numerous well-known financial market players and their service providers as well as private and public universities. Frankfurt Main Finance offers its members a platform for contacts in the world of finance and politics to realise ideas in the financial centre with partners, to initiate business with other financial centres for high quality events on topical issues, to support effective and sustainable public relations, and to effectively promote Frankfurt as a financial centre. To learn more about Frankfurt Main Finance, visit https://frankfurt-main-finance.com/en/ or our Linkedin Page.
About International Sustainability Standards Board (ISSB)
The IFRS Foundation is a not-for-profit organisation created to serve the public interest by developing globally accepted financial reporting standards that meet investors and other capital market participants’ need for reliable, transparent and comparable information to make economic decisions.
Our standards―IFRS Accounting Standards and IFRS Sustainability Disclosure Standards—are developed by the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The boards are overseen by the IFRS Foundation Trustees, who in turn are accountable to the IFRS Foundation Monitoring Board of public authorities with responsibility for corporate reporting. Our governance arrangements are set out in our Constitution.
IFRS Accounting Standards, set by the IASB, are required in more than 140 jurisdictions.
For detailed information about our organisation, visit ifrs.org
About the Green and Sustainable Finance Cluster Germany (GSFCG):
As a central hub for sustainable finance in Germany, the GSFCG has been working together with its members and sponsors since 2018 on the implementation and realisation of sustainable financial market structures. Based in Frankfurt, the cluster focuses on activities in the German financial sector while also engaging and cooperating with relevant national and international stakeholders from the financial industry, real economy, politics and regulatory authorities as well as academia and civil society. More about the Cluster: https://gsfc-germany.com/en/
For media inquiries
For Finance Montréal
Clara Guillemin
COPTICOM
+1-438-226-3262
For Frankfurt Main Finance
Dr. Ralf Witzler
Head of Communications
+49-69-9441-80-25
