University of Zurich and Arnold Schwarzenegger seal climate deal

Arnold and Christian Schwarzenegger are forging a new sustainable financing alliance University of Zurich

The University of Zurich has agreed to create a sustainable finance alliance with Hollywood legend Arnold Schwarzenegger’s USC Schwarzenegger Institute and the R20 environmental non-governmental organisation founded by the former governor of California. 

Their “Green Economy and Finance Initiative” aims to combine green finance initiatives in the US and Switzerland together with academic research. 

“The three organisations 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,” said Schwarzenegger in a statement External linkon Monday. 

According to the university, the United Nations’ Sustainable Development Goals (SDGs) and Paris Climate Change agreement will cost at least $90-100 trillion (CHF90.3-100.3 trillion) over the next 15 years, leaving an estimated $2.5 trillion funding gap.

“These ambitious, but imperative goals can only be achieved through a joint effort by academia, political leaders, the non-profit sector, technology holders and the financial markets,” the statement said.

The University of Zurich says it will bring expertise in economics, banking and law to the alliance and use transparent, peer-reviewed methodologies to offer “powerful metrics and analysis to assess both the climate risk and the climate impact of financial portfolios”.