UZH and the two Schwarzenegger organizations have created the Green Economy and Finance Initiative to address the lack of financing of sustainable projects.
According to a UZH press release, the Sustainable Development Goals (SDGs) and Paris Climate Agreement alone will cost at least $90-100 trillion over the next 15 years, leaving an estimated $2.5 trillion funding gap. Private wealth management and investment strategies are key to closing this gap, which the Green Economy and Finance Initiative aims to encourage by leading “the world in implementing green finance practices”.
“It is fantastic that the USC Schwarzenegger Institute and R20 are forging a new alliance with the University of Zurich today,” said the actor and former California Governor Arnold Schwarzenegger.
“The three organizations will work together to help accelerate the transition to sustainable clean energy and make the world safer and healthier for all its citizens. By combining academic research with green financing initiatives and sub-national leadership, I am confident that we can meet the ambitious goals outlined in the Paris Agreement.”
The alliance will link green initiatives in California with those in Switzerland. The UZH brings its “prestigious reputation in economics, banking and law to the alliance along with a broad network in the finance space”.
A new Master of Advanced Studies in Sustainable Finance will also be established to train future professionals in the field.