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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.
Supported by
Created a Post in Climate Change, Green Recovery from COVID-19, Sustainable Finance
COP26 was described as "our last chance saloon" to save the planet. More than 35,000 delegates from 197 countries descended on host-city Glasgow over two weeks last November, and at the end we had a new climate agreement – the Glasgow Climate Pact, which will set the global climate agenda to 2030 ?
But in the months that have passed since, the response to COP26 and the Pact has been predictably cool. So what did all the talks and meetings mean? Post-Glasgow, are we really better placed to tackle the climate crisis? And is it time to give young people more of a say in their own climate futures? ✊
In this final episode of #TheGreenRenaissance podcast, we ask what the real legacy of Glasgow will be. Featuring interviews with Angus Mackay (United Nations Institute for Training and Research (UNITAR), Jayati Ghosh (University of Massachusetts), Marie-Claire Graf and Heeta Lakhani (both YOUNGO).
? bit.ly/3oLCCbS ? bit.ly/3JowUV8 (with captions) ? Or search for The Green Renaissance wherever you get your podcasts.
Created a Post in Sustainable Finance, Climate Change
TOMORROW - Green Banking: Unlocking Climate Finance in Nigeria
How can climate-related risk reporting enable an orderly climate finance transition? Join us tomorrow (17 Feb) at 10am CET for Green Banking: Unlocking Climate Finance in Nigeria.
Co-organized by the GGKP Green Finance Platform and Climate Transition Limited, we will be hosting speakers from: • UNDP Financial Centres for Sustainability (FC4S) • Nigeria Economic Advisory Council • Central Bank of Nigeria • Development Bank of Nigeria Plc • Stanbic IBTC • Sterling Bank Plc • Wema Bank Plc. • FC4S Lagos
During the event, the Nigeria Green Tagging Banking Review will be launched. Based on climate risk exposure analyses conducted with three major Nigerian banks, this groundbreaking report provides strategic recommendations for the development of the country's climate reporting framework.
This is the first event in the #AligningFinancePolicies webinar series, focused 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 to green the financial system.
Learn more + register ?
Created a Post in Sustainable Finance
Corporate ESG is a topic that every forward-thinking business leaders, entrepreneurs need to be familiar with. As an associate member of the World Institute of Sustainable Development Planners, I have officially published my first Udemy course - “Corporate ESG Fundamental for Business Ledaers”. From concept to implementation, from understanding what contents could be included in each of the three aspects, to reading and identifying the best practices in ESG reports, the course will provide you with a very comprehensive understanding of Corporate ESG.
First G20 Sustainable Finance Working Group (SFWG) Meeting
The first SFWG meeting was held under the Indonesian G20 Presidency late last month.
The meeting discussed three workstreams for 2022: 1) Developing a transition finance framework to strengthen credibility net zero/sustainability commitments by financial institutions 2) Scaling up sustainable finance instruments, focusing on improving accessibility and affordability (especially in developing countries and for SMEs) 3) Policy levers related to incentivize sustainable financing and investment
Results of the meeting will be further discussed at the Second Finance and Central Bank Deputies Meeting and the First Finance Ministers and Central Bank Governors (FMCBG) Meeting this month.
Is there anything you think the SFWG missed? How can the G20 and other international institutions work towards the success of these three workstreams?
No McKinsey, it will not cost $9 trillion per year to solve climate change.
Created a Post in Climate Change, Sustainable Finance
Fake Green Taxonomy Act must be rejected by EU Parliament
The European Commission has today bowed to pressure from France and others (1), by publishing a set of sustainable finance rules which will do huge damage to the EU and global environmental action
How can financial stakeholders coordinate the transition towards a sustainable financial system?
Countries are increasingly turning to Sustainable Finance Roadmaps to plan and prioritize transformative action.
Through the Aligning Finance Policies project, the Green Finance Platform is working with six countries - China, India, Kazakhstan, Mexico, Mongolia and Nigeria – to progress their Sustainable Finance Roadmaps.
Roadmap updates, upcoming events, op-eds and other project content can be found on the recently launched Aligning Finance Policies website.
#AligningFinancePolicies
Credit Suisse Shows Flaws of Trying to Quantify ESG Risks
Swiss bank has endured repeated scandals and executive departures, but done well on many scoring systems designed to spot nonfinancial risks
ESG Study Shared With SEC Reveals Fund Labels Are Often Useless
'Investing in ESG funds is like trying to navigate “the Wild West” as both regulations and enforcement fall short'
BOE Push to Green Quantitative Easing Isn’t Working, Study Shows.
One of the world’s most ambitious attempts by a central bank to go green isn’t exactly working as planned.