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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, Agriculture
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'Tipping or turning point: Scaling up climate finance in the era of COVID-19' How has COVID-19 pandemic affected access to finance in middle and low income countries for low emission, climate resilient investments? This GCF working paper highlights the risks posed by climate change to the finance system as well the risks and opportunities related to investment in low emission, climate resilient infrastructure in developing countries.
Created an Event in Sustainable Finance
Created an Event in Sustainable Finance, Industry and Entrepreneurship
Bank of England Governor Andrew Bailey wants to make changes to the Banks ‘market neutrality’ principle. On a recent podcast, Bloomberg renewables reporter reports from London on the building back better related policies and Lord Nicholas Stern talks about how he thinks addressing climate change can be a sustainable route to growth, and what the U.S. election could mean for the future of the planet.
Third TCFD Status Report finds that asset manager and asset owner reporting to their clients and beneficiaries is likely insufficient.
The 2020 Status Report highlights the continuing need for progress in improving levels of TCFD-aligned disclosures given the urgent demand for consistency and comparability in reporting. In particular, disclosure of the potential financial impact of climate change on companies’ businesses and strategies remains low.
How to integrate ESG factors into the sovereign debt asset class?
World Bank new paper presents an overview of areas in which Debt Management Offices can respond to the changing world and proposes six ESG market readiness factors as well as a framework to help formulate DMO strategy in the area of ESG investing. The paper also concludes that in less developed markets, given weak institutional arrangements, it is often better to concentrate development efforts on the local capital market as this will ultimately support a more sustainable economy in the long run.
ECB to consider using climate risk to steer bond purchases, says Lagarde via FT
How can U.S. banks better assess and disclose climate risk?
CERES report investigates the syndicated loan portfolios of the largest U.S. banks and their exposure to climate transition risk, which arises from the policy, regulatory, consumer preference and reputational impacts of the transition to a lower-carbon economy.
Based on the finding that a majority of bank lending is in climate-exposed sectors, the report also lays out a blueprint for bank action with key recommendations for how banks can discuss their climate risk exposure and the mitigation strategies they can use to address this risk exposure and broader climate-related societal impact.
How to respect human rights in investment activities?
With the publication of its human rights framework for institutional investors, the Principles for Responsible Investment (PRI) establishes a multi-year programme of work to embed the UN Guiding Principles on Business and Human Rights (UNGPs) into investment activities.
With regulation on human rights due diligence already implemented in some jurisdictions, more measures in the pipeline and policy making converging around the UNGPs and OECD standards, investors can future-proof their approach to ESG issues by implementing these frameworks now.
PRI’s new publication makes the case for institutional investors to manage actual and potential negative human rights outcomes in their portfolio.
#InvestwithRespect