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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 Stockholm+50, Sustainable Finance, Cities and Urban Development
Download pdf New world, the anti-problem equation
Created a Post in Sustainable Finance
Next Tuesday | VET and the Green Transition: What are the skills and education needed for finance professionals to play their part?
There is an urgent need for financial and accounting professionals to grasp and respond to climate change. Long-term value creation and responsible finance practices will drive the Green Transition. Finance professionals and professional accountants have a critical role to play in putting sustainability at the heart of decision-making. But first, they must be equipped with the right education and skills.
In many organisations, climate risk and ESG expertise still resides in a handful of sustainability specialists. What tools do financial and accounting professionals need in their toolbox in order to push for sustainable, decarbonized economies?
Next Tuesday, 17 May at 15:00 CET, join ACCA, IFAC, and the Green Finance Platform for "VET and the Green Transition: What are the skills and education needed for finance professionals to play their part?"
As part of EU Vocational Skills Week 2022, we are delighted to welcome you to a discussion with renowned experts on how finance and accountancy professionals can be equipped to support the Green Transition.
European environment, social, and governance reporting standards: First drafts published
In late April, the draft European Sustainability Reporting Standards (ESRS) were released for public review and comments.
The ESRS offer standards on the following sustainability topics:
▶ CROSS-CUTTING STANDARDS: General principles; General strategy, governance and materiality assessment disclosure requirements
▶ ENVIRONMENT: Climate change; Pollution; Water and marine resources; Biodiversity and ecosystems; Resource use and circular economy
▶ SOCIAL: Own workforce; Workers in the value chain; Affected communities; Consumers and end-users
▶ GOVERNANCE: Governance, risk management and internal control; Business conduct
Public comments on the Draft ESRS can be submitted through 8 August 2022 via the links below.
LINKS: Exposure Drafts: https://www.ggkp.org/esrs-exposure-drafts Public Survey (Sections 1 & 2): https://www.ggkp.org/esrs-survey-1 Public Survey (Section 3): https://www.ggkp.org/esrs-survey-2
HSBC faces greenwashing accusations from UK advertising watchdog
Created an Opportunity in Sustainable Finance
NGFS launches consultation on its repository of climate-related data needs and available sources
This week, the Network for Greening the Financial System (NGFS) launched a public consultation on its repository of climate data needs and available sources. The directory is intended to be a tool for financial sector stakeholders to identify important climate data sources.
The consultation launched this week seeks feedback on the directory web interface through a short online questionnaire. Potential data users and providers are asked to comment on (i) the directory format and functionalities (ii) the directory contents.
The consultation will be open until May 6, 2022, COB.
Interesting report released by Matthew Gouett and the IISD finance team outlining opportunities for Canadian Community Foundations to strengthen their role in tackling climate change through their endowment investments. The recommendations are as follows:
-Move toward positive screening investment strategies and climate investing -Make all governance documents public -Make the reporting of endowment holdings and returns transparent -Streamline endowment management -Join the Canadian Philanthropy Commitment on Climate Change -Set targets for diversity, equality, and inclusion on investment committees -Ensure one investment committee member has recent, relevant environment, social, and governance experience -Work with smaller foundations to allow access to enhanced endowment management strategies
Many of the recommendations above are relevant not only for a community foundation but also for any organization that has an endowment and cares about climate change.
UN Expert Group on the Net-Zero Emissions Commitments of Non-State Entities
The UN has launched a high-level expert group aimed at promoting transparent, credible, robust and urgent net-zero implementation plans. The group aims to tackle greenwashing by scrutinizing pledges to cut GHG emissions.
While the new panel did not have the capacity to evaluate individual companies or financial institutions, it will make recommendations as to what credible pledges look like (and how policymakers can hold these entities accountable).
According to the Climate Action 100+ Net Zero Company Benchmark released last month, net-zero commitments often aren't followed up with medium-term targets, spending plans, or value chain analysis.
The UN expert group will make recommendations before the end of the year.
Created a Post in Sustainable Finance, Climate Change
After another wave of extreme weather, world leaders want to get serious about climate change. They appoint you the global minister for future generations.
Global temperatures have already risen by 1.2°C. From 2022 to 2050, how will you use your sweeping global powers to keep temperatures below 1.5°C?
The Climate Game by the Financial Times allows you to simulate the decisive action and hard decisions necessary to align our economic and financial systems with Paris Agreement goals.
Can you find a way to decarbonize by 2050?
Will Biden ever stand up to the IMF’s abuses of power?
'In short, the global south has never needed more support in its search for stability, strength and solidarity. But even a cursory glance of the IMF’s global activity reveals a systematic violation of this mandate, inflaming – rather than resolving – the crises of health, hunger and habitat that combine in the world’s poorest countries.'