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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
The necessity of net-zero disclosure in Corporate Sustainable Reporting
Last week, Eurosif and the UN Principles for Responsible Investment (PRI) sent letters to the EU Commission, Parliament, and Council on the need for upcoming CSR rules to mandate robust disclosures around company transition plans and net-zero commitments.
The two organizations believe companies that have committed to be net-zero by 2050 should be subject to clear, robust disclosure requirements.
Trilogues on the EU Corporate Sustainable Reporting Directive may conclude as soon as May 2022.
Eurosif / UN PRI Press Release: https://www.eurosif.org/news/joint-sustainable-investment-industry-lett…
On a similar note, 2° Investing Initiative recently published a discussion paper on metrics for measuring the transition to net-zero. Key sustainable finance questions confronted by the paper include:
▶ What metrics can financial institutions use to track exit strategies and transition pathways? ▶ In their net-zero transition, when will oil and gas firms cease to become so and start become some other type of business? ▶ How can transition plans be evaluated and compared?
2dii Discussion Paper: https://www.greenfinanceplatform.org/research/sailing-sunset-or-chartin…
Apply to the Net Zero Challenge
The RFI Foundation’s Global Virtual Innovation (GVI) Hub, in collaboration with HSBC Bank Middle East Ltd., invites dynamic technology entrepreneurs, startups or established companies to submit applications for the GVI Hub’s 2022 Net Zero Challenge. The Net Zero Challenge is an open innovation challenge inviting companies from all over the world to develop or bring Climate Tech relevant to the financial sector (Climate FinTech) for the Middle East and North Africa.
The Net Zero Challenge seeks to attract applications from innovative technology companies that can develop solutions to tackle climate-centric challenges faced by financial institutions (Climate FinTech) in the Middle East and North Africa in establishing, tracking progress and achieving their Net Zero targets.
The Net Zero Challenge will run for 10 weeks from the close of applications culminating in a final virtual pitch.
The challenge will be delivered in five phases; 1. Complete applications process 2. Participant selection & interviews 3. Semi-finalist selection 4. Innovation bootcamp and 5. Finalists’ pitch to regional financial centers & FinTech hubs
Throughout the innovation period, ten (10) finalists will receive technical input, analytical support and dedicated coaching and mentorship from the RFI Foundation team, HSBC Middle East and other industry mentors and key stakeholders. Through this support, finalists will be inspired and learn to refine their solution pitches to support regional financial institutions’ Net Zero ambitions.
During the final pitch day, where five (5) Climate FinTech finalists will make their pitch to a panel of representatives from regional financial centers and FinTech Hubs, seeking their support to continue their growth within the region’s startup ecosystem
Finalists will pitch to FinTech Hubs who can offer various forms of support valued at more than $125,000 to help them integrate into the region’s startup ecosystem and provide a way to bring a scalable Climate FinTech solution that can be implemented by financial institutions in the Middle East and North Africa region.
Application Deadline: 21 April 2022 Informational Webinar: 14 April 2022, 4PM CET
Many thanks to Jessika Berns for sharing this!
Financial Sector Deepening (FSD) Africa and partners announce a series of measures to strengthen financial markets across sub-Saharan Africa.
“From progress in implementing green bonds to opportunities for the local pension sector and solutions to help the country’s insurance industry respond to climate change, the initiatives will enhance the strength and health of Nigeria’s financial markets, building the foundations for a stronger more resilient national economy,” said a statement from FSD Africa.
Created a Post in Sustainable Finance, Industry and Entrepreneurship, Gender
Can you really afford not to invest in diversity and inclusion?
Each year, discrimination at work around gender identity, ethnicity, disability, race, religion or sexual orientation cost millions of dollars to our national economies and companies. At the same time, the COVID-19 crisis has also demonstrated that inclusion and diversity matter more than ever. Therefore, embracing it as a core value is a must for a sustainable future of work.
But what can be done to make this ideal a reality for millions of workers and employers worldwide?
Tune in and listen to the Podcast to find out more!
? JOB OPENING
The Green Finance Platform is looking for a Technical Consultant.
This role will support implementation, capacity building and communications for the Aligning Finance Policies project.
A minimum of 3 years of accumulated work experience is required, including experience with sustainable finance, policy research and technical assistance to developing countries.
The deadline to apply is 14 April.
Created a Post in Sustainable Finance, Climate Change
When it comes to climate disclosure standards, what's the difference between ISSB and TCFD?
The IFRS Foundation has shared a helpful guidance that summarizes key differences between the two standards.
? What are your thoughts on the ISSB Climate Exposure Draft?
⏰ The Exposure Draft is open for comments until 29 July 2022.
Created an Opportunity in Sustainable Finance, Climate Change
The EU's Extended Environmental Taxonomy
The EU Sustainable Finance Platform just released a report recommending how environmental components of the EU Taxonomy should be extended.
A major component of this proposed Taxonomy extension is the addition of four classifications for economic activities, based on their environmental harm and transition urgency:
? Significant Environmental Harm - Urgent Exit ? Significant Environmental Harm - Urgent Transition ? Intermediate Environmental Performance - Transition When Possible ⚪ Low Environmental Impact (LEnvl)
The aim of this extended labelling is to show where finance needs to flow to support transitions away from environmentally harmful activities. This would allow entities in impactful industries to tell their transition stories and access transition finance.
At the same time, identifying LEnvl activities will allow companies with low environmental impact to have full access to green finance for their green expenditures. In other words, they won't be excluded from green finance opportunities and the chance to make a positive contribution.
The EU Taxonomy will set a global precedent for economy-wide reporting on environmental sustainability and aligning green finance flows. Do you think this proposed Taxonomy extension does enough to classify economic activities?
The full report is linked below.
Created a Post in Climate Change, Forestry, Sustainable Finance
Hi everyone! Feedback request | Global Canopy invites all pension fund managers, asset managers, or representatives from financial institutions, non-governmental organisations, and Indigenous peoples and local communities for feedback on guidance for Deforestation-free Pension Funds.
Pension funds have a powerful influence over sectors and industries that are strongly connected to deforestation, conversion, and associated human rights abuses. Pension funds have the ability to help drive change not just within their own investments but across the finance sector more broadly.
To enable pension funds to address their exposure to these issues effectively, and in line with best practice, Global Canopy, alongside partners Make My Money Matter and SYSTEMIQ Ltd., are developing guidance to enable pension funds to identify, address, and eliminate deforestation, conversion, and associated human rights abuses from their investments.
The consultation document linked below is a detailed outline for guidance that is being developed; it is not comprehensive or complete but has been produced to gain feedback from stakeholders on the topics and actions included.
We are asking representatives from pension funds, asset managers, financial institutions, rightsholders, Indigenous peoples, local communities and NGOs for feedback. Please click the link below, follow the instructions and complete the survey by 5th April 2022.
If you do not feel you fit into one of the above groups and would like to review the document, or if you have any questions on this document or the associated surveys please contact the Global Canopy team at guidance@globalcanopy.org.
Enhancing disclosure to scale up sustainable finance in China and beyond
In the latest contribution to the GEF Aligning Finance Policies project, Cheng Lin of the Beijing Institute of Finance and Sustainability provides updates on China's green finance landscape.
Mainstreaming disclosure is an essential step towards aligning financial systems with sustainability, both in China and worldwide - but disclosure alone is far from sufficient to guarantee a sustainable financial future.
? What are examples of green finance measures that can support or build upon climate-related disclosure?