Oxford University & Bank of America team up to combat climate change, transform financial services sustainability and achieve sustainable development

This partnership is unique and it demonstrates a commitment to fight climate change Bank of America has pledged £1.2 million to the University of Oxford support sustainable finance and greenhouse gas research at The Smith School of Enterprise and the Environment. This research will inform financial sector decisions and provide equitable and implementable interventions to ensure that business models are sustainable and scalable.

This partnership marks the beginning of an important partnership with Smith School. The funding will not only support 3 years of cutting edge research in the two core areas of focus, but will also provide funding for a Director’s Research fund that will enable the School to seize ground-breaking, but otherwise unfunded sustainable research opportunities.

One research team will be stationed at the Greenhouse Gas Removal Hub (CO₂RE), focussing on taking greenhouse gases back out of the air in ways that are economically, socially, and environmentally scalable. This Oxford-led research hub is managed by Dr Stephen Smith.

The other research team will be located at both. Oxford Sustainable Finance Group at the Smith School and the UK Centre for Greening Finance and Investment (CGFI). They will concentrate on spatial finance as well as the integration of natural factors into financial decision making. Both CGFI (Group) and Group are headed by Dr Ben Caldecott, A person who has made a significant impact on the sustainability finance industry, specializing within environment, energy and sustainability issues. He works at the intersection of finance, public policy and academia.

Bernard Mensah is President of International at Bank of America : “Successful partnerships between business, academia and governments are critical if we are to accelerate the transition to sustainable, secure and affordable energy and bring forward the path to net-zero. The Oxford Smith School’s work has the potential to change scalable carbon capture and removal, as well as the incorporation of nature-based metrics in sustainable finance frameworks. This is possible thanks to the Bank of America support.

“We are delighted to be able to help advance research with the potential to unlock completely new information and ideas that could help financial institutions and their clients attain a sustainable trajectory by 2030.”

The Smith School’s capacity to drive systemic change in actively addressing environmental challenges was recognised in 2021 with significant wins of governmental backing to CO₂RE and CGFI, where these research posts will be based. A global, world-class institution with enormous international networks and convening ability. The School has collaborated with 20 governments in different countries on their green recovery plans. Its research also informs financial institutions around the globe.

Professor Cameron Hepburn Director of the Smith School of Enterprise and the Environment:: “We are delighted to partner with Bank of America in these two research partnerships. We are also extremely grateful for their gift. This partnership will enable us to expand Smith School research in sustainable finance and greenhouse gas removal, both of which are critical as we move from an era of climate change debate, to one of action.”

Get latest news from African Startup ecosystem

Latest stories

You might also like...