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The financial system can play a major role in contributing to a transition towards a low-carbon, resilient and inclusive economy. However, for this to happen, three key deficiencies must be addressed: the misallocation of available capital for long-term development; externalities and systemic risk, including climate change; and environmental stress, notably natural disasters. Critical to aligning financial and capital markets will be measures within the financial system to green private finance through adjustments to key policies, regulations, standards and norms, and through market innovations.
In 2018, the Global Environment Facility (GEF) launched the GEF Aligning Finance Policies project to build international consensus to align financial systems with the UN Sustainable Development Goals (SDGs) and develop national regulatory actions. The project focuses on the development of national Sustainable Finance Roadmaps in six countries – China, India, Kazakhstan, Mexico, Mongolia and Nigeria – and building international consensus on best practices – from policies and regulations to standards and norms – to green the financial system.
This Green Forum discussion is for professionals to share their knowledge and experience on sustainable finance, particularly best practices to help align the financial system with sustainable development and climate change mitigation needs, as well as ways to incorporate sustainability factors into the rules that govern banking, insurance, institutional investment and capital markets.
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Created a Post in Sustainable Finance
Why climate disclosures alone will not move markets
Transparency on climate risks is important, but it will not divert capital away from fossil fuels without big structural changes to the financial system
Created an Event in Sustainable Finance, Blue Economy
Created an Opportunity in Sustainable Finance, Climate Change
Created an Event in Natural Capital, Sustainable Finance, Climate Change
Created a Post in Climate Change, Energy, Sustainable Finance
'End the hypocrisy – it’s time the financial sector close the loopholes to achieving net-zero'
The finance sector is increasingly taking centre stage on climate change. With their commitments to net-zero in the public eye for all to see, they can no longer hide from their responsibility.
Created a Post in Climate Change, Sustainable Finance
'Financing is at the heart of the geopolitical rupture on climate change'
The UN Climate Change Conference in Glasgow suffered the same lack of trust between developing and developed countries that has burdened global climate negotiations for almost three decades. Financing is at the heart of the rupture, and the time has come for a new approach
Created an Event in Sustainable Finance, Gender
Policing of Net-Zero Claims to Take Shape in 2022, UN Chief Says
The COP26 climate summit has seen a deluge of pledges to fight global warming. The most eye-popping came last week, when the Glasgow Financial Alliance for Net Zero announced that more than 450 firms representing $130 trillion of assets had signed up.
But the headline number was met with skepticism as climate activists and nonprofits questioned whether big finance is capable of rapidly weaning itself off fossil fuels. Signatories, meanwhile, continue to chase deals that look set to increase their carbon footprint.
Why ESG is failing sustainable development
Our economic system has evolved to maximize financial value, confusing the means (financial activity) with the ends (society’s needs). It seeks infinite rewards from a finite system, and maximization of financial returns with few safeguards. Advocating for a transformational shift in mindset and decision-making, Marcos Athias Neto, Director of UNDP SDG Finance Sector Hub, highlights the need to focus on transforming internal management systems to integrate operating sustainably and contributing positively to the SDGs into all business and investment decision-making.
Regulators step up scrutiny over investment industry ‘greenwashing’
Deluge of capital chasing sustainable investments has increased need for clear standards, watchdogs say