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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 an Event in Sustainable Finance
Created a Post in Sustainable Finance
Analysis: Tested by taxonomy - EU green finance rules leaky for ships, tight for houses
Months of EU deliberation to decide which business activities can be marketed as green investments have produced a set of draft standards some finance officials and NGOs say are lax for the polluting shipping sector and challenging for buildings.
Australia's entire financial sector, including the big four banks, major insurers, fund managers and superannuation funds, are calling for an institutionally embedded collective target of net zero greenhouse gas emissions by 2050.
EBRD and GEF are providing some very interesting new SME Climate Change financing solutions in Egypt - It would be great to see similar programmes rolled out elsewhere.
What's exactly at stake for fund managers that they seriously started taking biodiversity into account? And one of the major questions is how to measure investment impact on biodiversity.
U.N. envoy Carney backs annual investor votes on company climate plans
ASEAN Central Banks Endorse Collective Approach to Climate Risk
A new report offers a set of non-binding recommendations to promote a unified ASEAN approach towards managing climate and environment-related risks.
Created an Event in Sustainable Finance, Climate Change
State of Green Banks 2020
This report presents recommendations for policymakers in countries interested in establishing green banks, highlighting the power of these institutions to drive implementation of nationally determined contributions and other national priorities, including economic recovery from the COVID-19-induced recession. Green banks can help countries secure climate finance that is sometimes hard to access while also deploying capital into new markets and technologies
Bundesbank chief: How central banks should address climate change