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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
The World Bank's Climate Change Resilience Rating System is being piloted in more than 20 World Bank projects across all regions. This system is more than just an attempt to create a monitoring system and a metric but to develop a guidance on how to design good projects particularly relevant to climate financing. How will it change the way projects are designed and implemented?
Created an Event in Sustainable Finance
Created a Post in Sustainable Finance
While poor nations called for more financial support to cope with climate impacts at the Thimphu ambition summit, a recent report by CARE International UK says that rich nations have been routinely over-reporting climate adaptation funding to developing countries.
A new briefing, prepared by E3G, identifies three key priorities for the UK’s G7Presidency in terms of finance actions that support economic sustainability:
1. Key steps for greening the recovery 2. Advancing financial system reform for sustainability 3. International cooperation on finance to address immediate and longterm sustainable development needs
Nature and finance: looking forward to 2021
“The finance sector is now on biodiversity where climate was five years ago in the lead up to COP21 in Paris. The movement is there with lots of new initiatives. We’re not there yet, but it’s coming”.
Mark Carney’s ‘3R’ strategy will make no real difference to the climate transition
The former Bank of England Governor poses a potentially dangerous vision for ESG, explains Nick Silver
One view of ESG is that it captures non-financial risks and hence ensures an improved risk/return profile. However, Carney’s ambition for the 3 Rs – that they contribute to avoiding climate change – represent a marketing view of ESG, that it delivers returns whilst ‘doing good’. Both of these views are flawed, but the latter is more dangerous.
Created a Post in Sustainable Finance, Industry and Entrepreneurship
Corporate annual reports should inform society – not only those with a financial interest. This is particularly critical for enterprises that directly affect human needs. Company’s societal and environmental impacts, unfortunately, often get missed. If society invested more in financial literacy and paid more attention to the information that companies produce, it would make it easier to demand that it met higher standards. Read this article for more details.
Created an Opportunity in Sustainable Finance, Blue Economy, Industry and Entrepreneurship, Water and Sanitation
Created an Opportunity in Sustainable Finance, Green Recovery from COVID-19, Transportation and Mobility, Gender