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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, Industry and Entrepreneurship, Water and Sanitation
The case of decentralised piping water companies: resilience of safe drinking water models during COVID-19 times (with examples from Ethiopia and Cambodia)
Created a Post in Sustainable Finance
Rising Temperatures, Melting Ratings
Enthusiasm for ‘greening the financial system’ is welcome, but does the explosion of ‘green’ finance indicators reflect the science? Using artificial intelligence, economists construct the world’s first ‘climate smart’ sovereign credit rating and warn of climate-driven downgrades as early as 2030.
Created a Post in Blue Economy, Climate Change, Sustainable Finance
'Mobile banking boosts fishers’ financial identities and savings' -- With a permanent bank account, fishers can now start to develop a financial identity through their savings transactions and be counted as part of the formal banking sector. In the future, BPI-BanKo and Rare are planning to explore micro-insurance products for fishers, who often suffer the most when typhoons ravage their coastal communities and affect their livelihood. With extreme weather events posing bigger challenges for them, fishers could benefit from financial products that would help them adapt to climate change.
Created a Post in Climate Change, Sustainable Finance, Industry and Entrepreneurship
Companies are more than twice as likely to disclose their environmental impact when directly engaged by investors. How does direct investor engagement drive corporate environmental transparency?
Created an Event in Natural Capital, Sustainable Finance
U.S and China Engage, Tentatively, on Climate Change
Washington and Beijing will co-chair a G-20 study group focusing on climate-related financial risks, a confidence-building move amid strained bilateral ties
Created a Post in Climate Change, Sustainable Finance
Greenwashing in finance: Europe’s push to police ESG investing
New EU rules on what can be considered a sustainable investment fund could become the global standard
Can China’s new carbon market take off?
A decade in the making, its emissions-trading system is now live
Created an Event in Sustainable Finance, Gender
Climate and Finance – Lessons from a Time Machine
The global economy’s pivot to low carbon is gathering momentum. By the time of COP26 in Glasgow in November this year, countries responsible for 78% of global GDP will have pledged net-zero emissions by 2050 or, in the case of China and Brazil, 2060.
But is the financial system on track to deliver this scale of change? While there is plenty of innovation – from investors, regulators and markets alike – there remain a number of very big question marks.