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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.
Supported by
Created a Post in Climate Change, Sustainable Finance, Green Recovery from COVID-19
Vacancy at GGKP:
Green Finance Platform Community Engagement Consultant to advance outreach & knowledge sharing on green & sustainable finance.
Expected Duration: 1 October 2021 – 31 March 2022.
Closing Date: 14 September 2021.
Created a Post in Sustainable Finance
At the end of 2020, an estimated $38 trillion in assets under management carried the ESG label, an increase of more than 24 percent from 2018. Looking into the future, ESG assets are on track to grow globally to more than $53 trillion by 2025.
This substantial increase is the result of two forces: One is the growth in legitimate responsible issues of securities and loans and demand by responsible investors, but another is the irresponsible or careless labeling of activities as legitimate — essentially abusing the ESG label.
Created a Post in Sustainable Finance, Energy
With 335% increase in investment, compared to the same period last year, listed Canadian cleantech and renewable energy companies are enjoying their strongest fundraising performance ever in the first half of 2021, showing an incredible momentum. However, experts warned that market volatility in the energy transition is something that has to be watched.
Created a Post in Climate Change, Sustainable Finance, Industry and Entrepreneurship
At its latest board meeting in March 2021, the Green Climate Fund (GCF) approved $1.2 billion in funding for 15 climate change projects in developing countries. However, funding for only two of these projects, or 1.5% of the total amount, went directly to developing country institutions.
Most of the climate finance provided by the GCF flows through international institutions such as the UN Development Programme (UNDP) or the World Bank. The GCF has accredited 62 developing country institutions as eligible for direct access so far, but 42 of them have yet to receive actual project funding.
Why is it crucial to give developing countries greater direct access to finance?
Created a Post in Climate Change, Energy, Sustainable Finance
The U.S. Treasury Department issued new energy financing guidance to multilateral development banks on Monday, saying the United States would oppose their involvement in fossil fuel projects except for some downstream natural gas facilities in poor countries.
The new guidance from the Treasury, the largest shareholder in major development banks including the World Bank Group and the African Development Bank, prioritizes financing for renewable energy options and "to only consider fossil fuels if less carbon-intensive options (are) unfeasible."
FAST-Infra: a public-private initiative bringing more than 50 organizations together to push for collective action to mobilize private finance and de-risk investments in sustainable infrastructure in developing countries.
Singapore's National Environment Agency (NEA) has launched a S$3 billion multicurrency medium-term note programme and a green bond framework to finance the development of sustainable waste management infrastructure.
Photo by Yeo Khee on Unsplash
Created an Event in Sustainable Finance, Climate Change
Created an Event in Sustainable Finance
Created an Event in Natural Capital, Sustainable Finance, Water and Sanitation