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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 Climate Change, Sustainable Finance
As the European Commission rolls out a new taxonomy to define “sustainable” activities, lots of questions were raised around it, from its usability to inclusivity. There is also a fundamental issue on data provision. To address this set of questions, the EU Platform on Sustainable Finance presents weekly webinar starting from 21 June through 19 July.
Created an Event in Sustainable Finance, Climate Change
Created an Event in Sustainable Finance, Cities and Urban Development
Created a Post in Sustainable Finance
Agrochemicals are highly responsible for disturbing the ecosystem and this has led to severe climate challenges. These chemicals have disturbed the natural balance of microbes that have huge impact in shaping our atmosphere. To combat with climate challenges, we have to focus on new initiatives in Agriculture. It's true that plants are responsible for saving as well as destroying our ecosystem. Metaphorically speaking
Created an Event in Sustainable Finance
Created an Event in Sustainable Finance, Agriculture
Climate change is a whole-economy problem. Tackling it will require looking at every financial decision through a climate lens. Does the decision result in greenhouse gas emissions or will it reduce them? Will it improve resilience to climatic shocks or worsen vulnerability?
As countries move to implement the Paris Agreement on climate change, they need to know the answers to such questions. They need to be able to track and understand domestic flows of finance so they can better align them with their climate goals, identify gaps and unlock the private investment needed for green, resilient development.
Created a Post in Industry and Entrepreneurship, Sustainable Finance
The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are strengthening their cooperation by launching the new US$ 1.01 billion facility targeting high-emitting industries in the private sector. This is GCF's first at-scale engagement in the private sector.
The G7 countries have backed moves to force banks and companies to disclose their exposure to climate-related risks, a measure seen as vital to efforts to safeguard the financial system from climate change shocks. This move is also being discussed by the G20 nations and a decision is expected to come up in time for COP26.