Net-Zero Asset Owner Alliance welcomes Sovereign Wealth Fund of Gabon (FGIS)– the first African SWF

27 June 2022

27 June 2022, Geneva – In a momentous step in the alignment of country financial flows with the Paris Agreement, the UN-convened Net-zero Asset Owner Alliance welcomes the Sovereign Wealth Fund of Gabon (FGIS). With nearly USD2 billion assets under management, FGIS has committed to: reach net-zero greenhouse gas emissions in its portfolio by 2050, set intermediate targets every five years, and report on progress annually.

The FGIS is the exclusive manager of the Sovereign Wealth Fund of the Gabonese Republic. As a financial operator, the Fund is heavily involved in the implementation of leading projects key to economic diversification. The Fund and its portfolio companies are active in the areas of energy infrastructure, the promotion of Gabonese SMEs, urban development, eco-tourism and social sectors, particularly health.

Under the Paris Agreement, signatories have set Nationally Determined Contributions (NDCs) and have pledged to submit a new (more ambitious) round of NDCs every five years. In joining the Alliance, the FGIS will benefit from the Alliance’s guidance and tools on setting and meeting targets aligned with the 1.5C scenarios, as such it will be able to support the implementation of the Gabonese NDC.

By synchronising the timeline of its SWF’s decarbonisation to the elevation of ambition in its NDC, Gabon has made a credible commitment to decarbonise on all levels of the economy.

Akim Mohamed Daouda, CEO of FGIS, said: “As a country that has 88% of its territory covered with forests and is a net absorber of CO2 Gabon is a carbon sink. Our membership of the Net-Zero Asset Owner Alliance is in line with our commitment to remaining a carbon sink, as well as our desire to further promote green investment in Gabon to accelerate our development.”

Günther Thallinger, Board Member, Allianz SE and Chair, UN-convened Net-Zero Asset Owner Alliance, said: “The membership of the Gabonese Sovereign Wealth Fund (SWF) in the Net-Zero Asset Owner will undoubtedly support the country’s transition to meet the obligations of the Paris Agreement. The Alliance is especially excited to welcome an African SWF and looks forward to collaborating on scaling blended finance for climate solutions. We invite other SWFs to make the same step.”

About the UN-convened Net-Zero Asset Owner Alliance

The 73 members of the UN-convened Net-Zero Asset Owner Alliance have committed i) to transitioning their investment portfolios to net-zero GHG emissions by 2050 consistent with a maximum temperature rise of 1.5°C above pre-industrial levels; ii) to establishing intermediate targets every five years; and iii) to regularly reporting on progress. The Alliance is convened by UNEP’s Finance Initiative and the Principles for Responsible Investment (PRI). The Alliance is part of the Race to Zero and supported by WWF and Global Optimism, an initiative led by Christiana Figueres, former Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC).

About FGIS

The Gabonese Strategic Investment Fund is the exclusive manager of the Sovereign Wealth Fund of the Gabonese Republic and of the non-allocated holdings of the Gabonese State portfolio. The Fund invests in the realization of shared prosperity for the benefit of the Gabonese population and future generations. As a partner of the government’s action, defined in the 2021-2023 Transformation Acceleration Plan, the Fund intervenes in three strategic sectors: infrastructure financing, support for SMEs and support for the social sectors. Its approach is guided by three fundamental principles: sustainability of impact, innovation and risk mitigation for its stakeholders.
Investing for a shared prosperity in Gabon.

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