Financial institutions have declared their support for a “sustainable financial system” in Australia and New Zealand.

A joint statement was released last week at the United Nations Environment Program Finance Initiative Conference on sustainable finance, co-hosted in Sydney by IAG and NAB.

Signatories say they will convene finance, government, civil society and consumer bodies to develop sustainable finance roadmaps for the two countries.

Leaders of the Investor Group on Climate Change, Principles for Responsible Investment, the Responsible Investment Association of Australasia, UN Environment’s Principles for Sustainable Insurance Initiative, and the UN Environment Program Finance Initiative signed the statement. They represent more than 300 financial institutions.

Responsible Investment Association of Australasia CEO Simon O’Connor says the finance sector is increasingly recognising the connection between financial performance and contributing to a better society and stronger environment.

A growing number of countries have developed sustainable finance roadmaps to strengthen against environmental shocks.