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14 Major Global Banks and Financial Institutions Express Their Support for Effort to Triple Nuclear Energy by 2050
– On the sidelines of Climate Week in New York City, major banks, government representatives and industry executives recognized the role that nuclear energy can play in the global energy transition.
– Nuclear energy was included in the historic outcome of the first global stocktake under the Paris Agreement.
– Improving access to financing can help unlock nuclear energy’s potential for significant decarbonization for zero-emission power and heat.
NEW YORK, Sept. 23, 2024 /PRNewswire/ — Today, nations endorsing the Declaration to Triple Nuclear Energy launched at COP28 in 2023 were joined by 14 financial institutions who expressed support for the call to action to triple global nuclear energy capacity by 2050.
The group of financial institutions in the convening include: Abu Dhabi Commercial Bank, Ares Management, Bank of America, Barclays, BNP Paribas, Brookfield, Citi, Credit Agricole CIB, Goldman Sachs, Guggenheim Securities LLC, Morgan Stanley, Rothschild & Co., Segra Capital Management, and Societe Generale.
The financial institutions recognized that global civil nuclear energy projects have an important role to play in the transition to a low-carbon economy. They further expressed support for long-term objectives of growing nuclear power generation and expanding the broader nuclear industry to accelerate the generation of clean electrons to support the energy transition.
With opening remarks from Senior Advisor to the President for International Climate Policy John Podesta, the event, which took place in the Rockefeller Center in New York City, brought together heads of state, ministers and leaders from the nuclear and financial industries, along with heavy and power intensive industry executives, to recognize the role of private sector finance in supporting global efforts to decarbonize power grids.
“Our collective mission is clear: nuclear energy is clean energy, and if we are to ensure a livable planet, build secure, sustainable supply chains for clean energy and bolster prosperity around the world, we need to make sure that nuclear energy does its part,” said John Podesta, Senior Advisor to the President for International Climate Policy. “I know we can make it happen—as long as we work together.”
Capital markets and financing can play a critical role in developing and growing nuclear energy projects worldwide. Financial institutions can provide experience, global presence, services and solutions to support the industry.
This expression of support for nuclear energy builds on the December 2023 outcome of the first global stocktake under the Paris Agreement, which included nuclear among the zero- and low-emission technologies that Parties should seek to accelerate, as well as the Declaration to Triple Nuclear Energy, launched at the 28th UN Climate Change Conference and endorsed by 25 countries.
“The only riddle left to solve is the financial side, the financial costs,” said Dr. Robert Golob, Prime Minister of Slovenia. “Financial markets need to adapt and develop new financial instruments in order for nuclear energy to become competitive with other CO2-free energy sources.”
“It is time to take concrete action towards necessary expansion of nuclear energy, said Ebba Busch,” Minister for Energy, Business and Industry and Deputy Prime Minister of Sweden. “The Swedish government is exploring a proposed financing model which includes government-backed loans, Contracts-for-Difference (CfDs) and risk-sharing mechanisms. The aim of the proposal is to significantly improve the conditions for nuclear newbuild in Sweden and with it, a more sustainable future.”
“New nuclear power is both clean and safe, and more importantly proven, with a number of nations now operating highly advanced and ‘commercially viable’ third- and fourth-generation fission technologies,” said James Schaefer, Senior Managing Director of Guggenheim Securities. “It is essential that we accelerate the progression of planned projects into plants on the ground given the huge demand coming down the line for data centers and AI technologies. This will require nuclear companies, plant owners, data center and technology companies, together with banks and financial institutions to collaborate closely.”
In the declaration, these nations recognized the importance of mobilizing finance and investment for nuclear power to help keep 1.5°C within reach, marking a significant shift in global climate policy and catalyzing a dialogue on the role nuclear energy can play in reducing global emissions.
“Including nuclear energy as a zero-carbon technology alongside renewables is essential to meeting the world’s carbon reduction goals and ensuring that heavy industrial manufacturers like Nucor have a reliable and clean electricity supply to continue growing, prospering, and providing high-paying jobs,” said Benjamin M. Pickett, Vice President & General Manager of Public Affairs & Government Relations, Nucor Corporation.
“Since COP 28 in Dubai last year, we have witnessed a step change in momentum across the nuclear sector, buoyed by a significant increase in demand for clean electrons for data centers and AI, with global power demand for this sector alone set to double by 2026,” said Mohamed Al Hammadi, Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation. “With the support of 14 global banks and financial institutions witnessed this morning on the sidelines of New York Climate Week, it is clear that not only is nuclear energy viewed as a crucial enabler to decarbonize the power sector, but it also fits the profile for sustainable and transition financing, especially as we now see multiple nuclear plants being delivered efficiently, providing confidence to the market and a clear market signal that nuclear is a proven, bankable route to energy security and net zero in parallel.”
The 25 nations endorsing the Declaration to Triple Nuclear Energy include Armenia, Bulgaria, Canada, Croatia, Czech Republic, Finland, France, Ghana, Hungary, Jamaica, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates, United Kingdom, and the United States of America.
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XDI Launches XDI Climate Risk Hub: A New Platform for On-Demand Physical Climate Risk Analysis
Technology tested by regulators and banks now available to all sectors
NEW YORK, Sept. 23, 2024 /PRNewswire/ — XDI (Cross Dependency Initiative) is today launching the XDI Climate Risk Hub from New York Climate Week, an innovative platform that provides on-demand, physical climate risk analysis for financial institutions, companies, and governments worldwide.
“This new platform enables users to conduct real-time assessment of assets located anywhere in the world under a single, auditable methodology. It addresses the growing demand for accurate, comparable climate risk analysis to support decision-making across industries and jurisdictions,” says Dr Karl Mallon, Co Founder and Head of Science and Technology, XDI (Cross Dependency Initiative).
The XDI Climate Risk Hub technology was first launched in May this year via a new platform developed with The Hong Kong Monetary Authority (HKMA) – Hong Kong’s central banking institution. The HKMA Physical Risk Assessment Platform – which is currently being rolled out in a phased approach – offers all Hong Kong banks free access to instant and secure physical climate risk analysis. It is the first initiative of its kind in the international banking sector.
Now, with its broader release, the XDI Climate Risk Hub expands its reach to meet the needs of clients from all sectors, and with assets located anywhere in the world.
The XDI Climate Risk Hub offers world-leading physical climate risk analysis at the touch of a button, from screening a single asset or portfolios of tens of thousands of assets, to performing in-depth analysis for due diligence and adaptation planning. Users can utilise the platform for a wide range of applications, including counterparty risk analysis, infrastructure risk assessments, operational risk assessments, and adaptation planning. It also allows users to screen new sites for climate risk, dive deep into high-risk asset subsets, and meet compliance and disclosure obligations.
The XDI Climate Risk Hub features three risk rating bands, and suite of financial risk metrics, for nine climate hazards, four climate scenarios, five-year time steps for analysis through to 2100, and a spatial resolution of up to 5m x 5m.
XDI views the launch of the XDI Climate Risk Hub as a critical step in its mission to make high-quality climate data accessible to as many decision-makers as possible. The increasing focus on adaptation in the platform, with new features being introduced throughout the rest of the year, is part of its commitment to supporting banks, companies and governments move from risk to resilience.
About XDI
The team behind XDI (Cross Dependency Initiative) was established in 2007, making the group the world’s longest standing independent specialist in physical climate risk and adaptation analytics. Today, XDI is the largest provider of physical climate risk analysis to banks in the world. XDI is part of The Climate Risk Group.
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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities
LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth.
As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.
“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”
Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.
“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”
“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”
To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.
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Digital Banking Platform Market to Reach $168.3 Billion, Globally, by 2032 at 20.9% CAGR: Allied Market Research
The digital banking platform is experiencing growth due to several factors such as surge in the number of Internet users, growth in a shift from traditional banking to online banking and rise in demand for personalized banking services.
WILMINGTON, Del., Sept. 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Digital Banking Platform Market by Component (Solutions and Services), Deployment Model (On-Premises and Cloud), Type (Retail Banking and Corporate Banking), and Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2024-2032“. According to the report, the digital banking platform market was valued at $30.4 billion in 2023, and is estimated to reach $168.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/5539
Prime determinants of growth
The global digital banking platform is experiencing growth due to several factors such as surge in the number of Internet users, growth in a shift from traditional banking to online banking and rise in demand for personalized banking services. However, security and compliance issues in digital banking platforms, lack of digital literacy in emerging countries, and technical concerns associated with new technology integration and legacy systems hinder the market growth. Moreover, growth in the usage of machine learning and artificial intelligence in digital banking platforms, along with the increase in innovative banking services offer remunerative opportunities for the expansion of the global digital banking platforms market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$30.4 billion |
|
Market Size in 2032 |
$168.3 billion |
|
CAGR |
20.9 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Component, Deployment Model, Type, Mode, and Region |
|
Drivers |
• Surge in the number of Internet users • Growth in a shift from traditional banking to online banking • Increase in demand for personalized banking services |
|
Opportunities |
• Growth in the usage of machine learning and artificial intelligence in digital banking platforms • Increase in innovative banking services |
|
Restraints |
• Security and compliance issues in digital banking platforms • Lack of digital literacy in emerging countries • Technical concerns associated with new technology integration and legacy systems |
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Segment Highlights
The solution segment is expected to lead the market during the forecast period.
By component, the solution segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform market. Increase in focus on customer acquisition among bankers, rising investment in for solutions loan processing, and the effective management of established communication among bank professionals and customers are expected to drive the demand for the solution segment in the digital banking platform market.
The cloud segment is expected to lead the market during the forecast period.
By deployment mode, the on-premises segment held the highest market share in 2023, accounting for more than half of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The on-premises model is considered widely useful in large enterprises, as it involves a significant investment and organizations need to purchase interconnected servers, as well as software to manage the system, which is expected to drive market growth.
However, the cloud segment is projected to attain the highest CAGR between 2023 and 2032, owing to the adoption of a cloud strategy delivers several numbers of key benefits for businesses in the digital banking industry, such as the ease of implementation, low cost, and unlimited accessibility, which propels the growth of the cloud segment.
The retail banking segment is expected to garner the highest CAGR during the forecast period.
By type, the retail banking segment held the highest market share in 2023, accounting for almost two-thirds of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is attributed to a surge in the customer base who are willing to shift towards online methods of banking, as it provides easy and convenient access to banking services. In addition, the increase in internet penetration globally contributes to this segment’s growth.
The mobile banking segment is expected to garner the highest CAGR during the forecast period.
By mode, the online banking segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is driven by an increase in preference for digitization & automation, rise in usage of Fintech, which are computer programs, and financial services supported by technology drive the growth of this segment.
However, the mobile banking segment is projected to attain the highest CAGR between 2023 and 2032, owing to the technological advancements in mobile banking such as the delivery of personalized real-time customer service through smart bots, rise in usage of mobile devices allowing users to obtain instant customer assistance, drive the market growth.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global digital banking platform revenue and is expected to rule the roost in terms of revenue during the forecast timeframe. The growth is driven by the constant advancements in information technology causing increased development of interactive and consumer-friendly user interfaces of the websites and applications that have led to changes in the preference of consumers for banking services.
Players
- Appway
- Cor Financial Solution Ltd.
- Edgeverve
- FIS Global
- Fiserv, Inc.
- nCino Inc.
- Oracle Corporation
- SAP SE
- Temenos
- Vsoft Corporation
The report provides a detailed analysis of these key players in the global digital banking platform. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the digital banking platform market segments, current trends, estimations, and dynamics of the digital banking platform market analysis from 2024 to 2032 to identify the prevailing digital banking platform market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital banking platform market segmentation assists to determine the prevailing digital banking platform market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global digital banking platform market trends, key players, market segments, application areas, and market growth strategies.
Digital Banking Platform Market Report Highlights
By Component
- Solutions
- Services
By Deployment Model
- On-Premises
- Cloud
By Type
- Retail Banking
- Corporate Banking
By Mode
- Online Banking
- Mobile Banking
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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