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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
ESG accounting needs to cut through the greenwash
If we want companies to invest in the environment, we need reporting standards that help assess their impacts
Bank Of England Tells Banks to Brace For Sky-High Carbon Price
The Bank of England told banks and businesses to start assessing the risks they face from climate change immediately, and brace to pay much more for polluting.
The regulator’s warning to businesses is a clear sign that the bank sees the price of carbon as a risk to companies as the world seeks to eliminate greenhouse gas pollution by 2050 in order to prevent catastrophic climate change. That puts pressure on executives to assess those risks and disclose them to investors or even to upend business models to adapt.
Created an Event in Natural Capital, Sustainable Finance
Created an Opportunity in Natural Capital, Sustainable Finance
Created an Event in Sustainable Finance
How the Fed can save the earth
For those who have long forgotten macroeconomics 101, the Fed and its kin perform a number of important functions, none more important than promoting the stability of the U.S. financial system by minimizing and containing systemic risks. It has a number of tools — carrots and sticks — to do that, from adjusting interest rates to supervising and regulating banks to ensure the safety of the U.S. financial system and to protect consumers’ credit rights.
Created a Post in Sustainable Finance, Natural Capital
Today, international politics of climate change has become more promising than ever before.
The article lists recent developments in global leadership for pushing climate finance to use nature-based solutions for promoting a green economy transition.
Banks urged to combat deforestation and halt biodiversity crisis
A new report from the Cambridge Institute for Sustainability Leadership (CISL) sets out five ways in which lenders can boost financial incentives for agriculture that reverses deforestation and restores natural habitats.
The researchers say banks should align anti-deforestation policies to a new standard of best practice, set measurable targets towards reversing the clearing of trees while ensuring that senior executives regularly review progress against these targets.
How asset managers can improve their voting record on climate in 2021
Investors are engaging with companies like never before by pairing behind-the-scenes stakeholder dialogue with the one-two punch of filing and supporting public shareholder proposals. All with the goal of encouraging companies to disclose risks and align their business strategies with a net-zero emissions future, in line with keeping global temperature rise to no more than 1.5 degrees.
Banks Directed $1.7 Trillion to Firms Causing Plastic Pollution - Bloomberg
Banks are failing to address the global plastic-pollution crisis, having provided $1.7 trillion in financing to packaging companies, retailers and related businesses, according to a report.