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Lagos Throws Financial Might Behind Sustainable Finance Network

Wed, May 29, 2019

Lagos, 29 May 2019 – The city of Lagos today joined Financial Centres for Sustainability (FC4S), a UN Environment Programme-convened international network that seeks to shift private capital to climate friendly and green investments.

Lagos is the third African city to join the network, after Casablanca and Nairobi, and is the first in West Africa. The megacity’s stock exchanges have over 860 listed securities, valued at more than USD 360 billion.

“Huge flows of private capital are needed to deliver the green and sustainable finance needed to implement the Paris Agreement and sustainable development goals,” said Pierre Ducret, Co-chair of FC4S. “Lagos’ inclusion in the FC4S network is a major boost to these efforts.”

FC4S has grown into a global group of 24 leading financial hubs since its creation in 2017. Structured as a partnership between international financial centres and the UN Environment Programme, other members include Abu Dhabi, London and Hong Kong.

The network is in the process of setting up FC4S Africa – its third regional platform, following the launch of Asian and European platforms in 2018. FC4S Africa will provide advisory services for financial centres on sustainable finance strategies, technical assistance and outreach.

“The adverse effects of climate change globally cannot be overemphasized,” said Mr. Babajide Sanwo-Olu, Executive Governor, Lagos State. “I am confident that the establishment of the Lagos Financial Centre for Sustainability will contribute significantly to Lagos State’s push to attract sustainable private capital that will complement public resources to address infrastructure and social challenges and enhance climate change mitigation.

“We support this initiative and congratulate FMDQ OTC Securities Exchange and the UN Environment Programme for championing this innovative private sector-led solution.”

The UN Environment Programme assisted Nigeria with the design and launch of a sovereign green bond in 2018, only the third such sovereign bond ever launched and the first in a developing country. This led to the UN Environment Programme working with the financial community in helping Nigeria draw up a Sustainable Finance Roadmap for Nigeria.

“Lagos joining the FC4S opens up new possibilities for Nigeria and countries in West Africa to leverage sustainable finance for social and climate impact,” said Satya S. Tripathi, UN Assistant Secretary-General and Secretary of the UN Environment Management Group. “We welcome Lagos into the fold and look forward to doing great things together.”

For more information, please contact:

Nader Rahman
Communications Manager (New York)
nader.rahman@un.org, +1 (718) 517-1684

Luxembourg, UN Environment Sign Deal to Accelerate Sustainable Finance

Fri, Apr 12, 2019

Washington D.C., 12 April 2019 – Luxembourg today signed an agreement to back a UN Environment-convened network that helps the world’s major financial centres to increase green and sustainable finance.

The International Network of Financial Centres for Sustainability (FC4S) has 22 members from Europe, Asia, Africa, and North America – each of them committed to shifting their investments to support the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement.

Home to Europe’s largest investment fund center with a 62 per cent global market share in cross-border funds, along with136 international banks from 29 countries and over 35,000 listed tradable securities, Luxembourg is today one of the world’s leading financial centers.

“A recognized European leader in green and sustainable finance, Luxembourg is stepping up its commitment to support the efforts of the International Network of Financial Centers for Sustainability,” said Pierre Gramegna, Minister of Finance of Luxembourg, as he signed the agreement to provide USD 500,000 in funding to FC4S. “This commitment is aimed at helping the FC4S to better connect financial centers, to foster exchange of knowledge and thus help shaping the trends and developments that will define sustainable finance in the years to come.”

The levels of green and sustainable finance needed to deliver on the Paris Agreement and the sustainable development goals are still insufficient. For example, the World Resources Institute estimates that USD 5.7 trillion will need to be invested annually in green infrastructure by 2020. However, 2018 research by the United Nations Framework Convention on Climate Change found that climate finance, while growing, had hit only USD 681 billion annually by 2016.

“Much of the resources needed to finance the transition to a low-emission, sustainable world will have to come from private sources,” said Satya S. Tripathi, UN Assistant Secretary-General and head of UN Environment’s New York office. “This is why the work of FC4S, helping financial centres to green their flows, is crucial. UN Environment is very grateful to Luxembourg for increasing its commitment to green and sustainable finance.”

Luxembourg’s commitment to financial innovation and sustainable finance has led to the launch of a wide range of initiatives, including  the first Stock Exchange dedicated to green, socially responsible and sustainable securities: The Luxembourg Green Exchange (LGX) in 2016.

The LGX has the largest market share of listed green bonds worldwide. Luxembourg leads the European market when it comes to responsible investment funds, with a market share of 39 per cent. 69 per cent of worldwide assets in microfinance investment vehicles are Luxembourg domiciled funds.

“Financial centres are key pressure points in the global financial system, and FC4S members like Luxembourg are pressing hard to make the system sustainable,” said Stephen Nolan, head of the FC4S network. “This contribution from Luxembourg is yet another sign that the smart money is getting behind sustainability.”

The signing took place at an event during the Spring Meetings of the World Bank Group and the International Monetary Fund, at which Mr. Gramegna, John Berrigan, Deputy Director-General, Financial Services and Capital Markets Union (FISMA), and Marcos Ayerra, Chair of the Inter-American Regional Committee and others looked at how to increase the role of financial centres in financing sustainability.

For more information, please contact:

Nader Rahman
Communications Manager (New York)
nader.rahman@un.org, +1 (718) 517-1684

OECD, UN Environment and World Bank call for a radical shift in financing for a low-carbon, climate-resilient future

Wed, Nov 28, 2018

The OECD, UN Environment and World Bank Group today called on leaders of G20 countries to do more to enable a radical shift of investment into low-carbon, climate-resilient infrastructure as a way to limit the impact of climate change.

Delivering a new report, Financing Climate Futures: Rethinking Infrastructure, to the G20 at its Summit in Buenos Aires, the three International Organisations said governments need to adopt a more transformative agenda on low-carbon, climate-resilient investments if they are to meet the Paris Agreement goal of cutting CO2 emissions to net zero in the second half of the century and build resilience to climate change.

Financing Climate Futures responds to an invitation from the 2017 G20 Hamburg Climate and Energy Action Plan to the three Organisations to document public and private activities for making financial flows consistent with the Paris goals. It follows the 2017 OECD report Investing in Climate, Investing in Growth, an input to the G20 German presidency which laid out the economic case that climate action and growth can go hand in hand provided that strong climate policies are packaged with fiscal and structural reforms. The Financing Climate Futures initiative aims to help countries move beyond an incremental approach to financing low-emission, resilient infrastructure towards the transformational agenda needed for decisive climate action. The initiative is supported by the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety of Germany.

“Investing in low-carbon, climate-resilient infrastructure is vital for the future of the planet, and it can also drive economic growth,” said Gabriela Ramos, OECD Chief of Staff and G20 Sherpa. “The infrastructure challenge creates incentives for reforms that can deliver better performance on both counts. We are losing time though – if we want to deliver we need to move much faster and achieve a systemic shift of trillions of dollars in green investment.”

Noting that energy, transport, buildings and water infrastructure contribute over 60% of greenhouse gas emissions, the report lays out six ways to bring public and private financial flows in line with the Paris goals, in particular in infrastructure finance. These include better planning and foresight, integrating climate concerns into all budgetary decisions and leveraging public procurement into low-emission, resilient infrastructure.

Financing Climate Futures outlines key actions to drive low-carbon investment:

  • Plan sustainable and resilient infrastructure for a low-emission and resilient future
  • Unleash innovation to accelerate the transition to low-emissions technologies, business models and services
  • Ensure fiscal sustainability for a low-emission, resilient future
  • Reset the financial system in line with long-term climate risks and opportunities
  • Rethink development finance for climate
  • Empower city governments to build low-emission and resilient urban societies

Investment in sustainable infrastructure can boost economic growth

The report says that scaling-up public and private investments in low-emission and sustainable infrastructure is critical to increase resilience and avoid further carbon lock-in.

OECD analysis in Investing in Climate, Investing in Growth showed that shifting infrastructure investment into low-carbon options, combined with structural reforms, could increase global GDP by as much as 5% by 2050, while cutting emissions. That includes the effects of lower risks of damage from extreme weather events. The cost of shifting from brown to green infrastructure would be more than offset by fuel savings. According to the OECD, governments spend half a trillion dollars a year subsidising oil, coal or gas and are not making enough use of public spending as a lever to decarbonise economies by investing in low-emissions infrastructure and innovation. Power plants under construction or in planning will lead to a near doubling of emissions from power generation, while incentives to shift to green energy and infrastructure, and disincentives to emit in all sectors, remain weak.

“We cannot ignore the new reality of powerful weather events that threaten jobs, homes, food security and other critical areas of our lives,” said Kristalina Georgieva, Chief Executive Officer of the World Bank. “The infrastructure that is built today must be ready to cope with tomorrow’s changing climate. We need the right incentives and regulations to urgently accelerate funding to these projects.”

Change is happening, but too slowly

The final report of the UN Environment Inquiry into the Design of a Sustainable Financial System, released in April, found that progress on reforming the global financial system over the last four years has started to deliver financing for sustainability and set up the next wave of action. Sustainability is becoming part of routine practice within financial institutions and regulatory bodies, green bond issuance grew from US$11 billion in 2013 to US$155 billion in 2017, and the number and range of policy measures to advance sustainable finance increased from 139 in 2013 to 300 by 2017.

However, much more needs to be done, particularly in infrastructure.

“With only 12 years to head off the worst impacts of climate change, we need rapid reform of our economies and societies, including a switch to low-carbon infrastructure,” said Joyce Msuya, Acting Executive Director of UN Environment. “The G20’s economic power and political influence will be crucial to unlocking the investment we need to make this switch.”

Download the report

 

About the OECD

Working with over 100 countries, the OECD is a global policy forum that promotes policies to improve the economic and social well-being of people around the world.

OECD press contact: OECD Media Officer Catherine Bremer, +33 1 45 24 80 97, catherine.bremer@oecd.org.

About UN Environment

UN Environment is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations. UN Environment works with governments, the private sector, civil society and with other UN entities and international organizations across the world.

UN Environment press contact: Keith Weller, Head of News and Media, +254 (0) 742 98 38 82, keith.weller[at]un.org

About the World Bank Group

The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

World Bank press contact: Uwi Basaninyenzi, Senior Communications Officer, +1 (202) 458-2353, unbasaninyenzi@worldbankgroup.org.

Paris and Shanghai to Chair Network of Financial Centres for Sustainability

Fri, Oct 19, 2018

Shanghai, 19 October 2018 – The world’s financial centres have taken an important step forward to scale up the financing required for climate action and sustainable development. On 8 October, the IPCC concluded that an additional 1.5% in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilising the world’s financial centres will be crucial to achieve the system transition that the IPCC has recommended.

At the 2nd meeting of the global network of Financial Centres for Sustainability (FC4S) in Shanghai, two co-chairs have been appointed to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative and Kong Wei, chair of the Shanghai Green Finance Committee. In addition, a new Wall Street Working Group on Sustainable Finance is being formed, and is considering joining the network to represent New York.

​The FC4S Network brings together nearly 20 of the world’s leading financial hubs to harness the power of place for climate action and sustainable development. Established in September 2017, it has already:

– Introduced an assessment programme to evaluate the activities undertaken by its members to accelerate flows of green and sustainable finance,

– Launched a statement calling for international convergence towards a shared language in the development of taxonomies on green and sustainable finance,

– Established regional platforms in Europe and Asia to stimulate further engagement from financial centres,

– Identified best practice across financial centres on how to expand the green bond market, and

– Promoted cooperation between financial centres on the application of fintech to climate and sustainability challenges (such as blockchain).

​Pierre Ducret from Finance for Tomorrow said: “The IPCC report has shown more clearly than ever the need to mobilise the trillions for climate and accelerating actions is a priority for France.  I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international cooperation at a time of great uncertainty.”

Kong Wei, convenor of the Shanghai Green Finance Committee said: “Green finance is a national priority in China to develop a cleaner and more prosperous economy. I feel privileged to take up the role of co-chair of the Network and will use this opportunity to promote practical measures that enable all financial centres to play their role in the transition that lies ahead.”

​Curtis Ravenel, Global Head of Sustainable Business & Finance, Bloomberg said: “To solve the climate challenge, we need more sustainable finance product innovation and scale across the U.S. and international capital markets. Along with the growing roster of global hubs that are part of the FC4S Network, Bloomberg is working with a number of financial institutions and others to explore the formation of a Wall Street Sustainable Finance working group to scale capital deployment aligned with the goals of the Paris Agreement.”

Satya Tripathi, Assistant Secretary General, UN Environment said: “UN Environment works across the sustainability and finance agenda – and I see that the FC4S Network is having a significant impact on the international policy sphere. These moves will further consolidate the Network’s leadership role.”

Nick Robins, the founder of the FC4S network and Special Advisor on Sustainable Finance, UN Environment said: “We need financial centres to be fit for purpose in the rapid transition that lies ahead. With Pierre Ducret and Kong Wei as co-chairs, the network has the strategic leadership it needs for the next phase.”

Notes to Editors​

The FC4S is a partnership between leading financial centres and the United Nations Environment Programme, which acts as its Convenor and Secretariat. The objective of the Network is to enable financial centres to exchange experience, drive convergence, and take action on shared priorities to accelerate the expansion of green and sustainable finance. Following from endorsement by G7 Environment Ministers under the 2017 Italian G7 Presidency, the FC4S Network was launched in September 2017 with the support of the Italian Ministry of Environment, Land, and Sea. The Network is headquartered in Geneva, Switzerland

For further information, see www.fc4s.org, or contact Jeremy McDaniels (Head of Projects, FC4S Network), at Jeremy.McDaniels@un.org.

Current members of the Network include:​

  • Astana: Astana International Financial Centre

  • Casablanca: Casablanca Finance City Authority

  • Dublin: Sustainable Nation Ireland

  • Frankfurt: Green and Sustainable Finance Cluster Germany

  • Geneva: Sustainable Finance Geneva

  • Hong Kong: Green Finance Task Force

  • London: City of London Green Finance Initiative

  • Luxembourg: Luxembourg for Finance

  • Liechtenstein: Liechtenstein Bankers Association

  • Milan: Centro Finanziario Italiano per la Sostenbilita (CFIS)

  • Paris: Finance for Tomorrow

  • Seoul: Seoul Metropolitan Government

  • Shanghai: Lujiazui Financial City

  • Shenzhen: Shenzhen Green Finance Committee

  • Stockholm: Stockholm Green Digital Finance

  • Toronto: Toronto Finance International

  • Zurich: Swiss Sustainable Finance

Partner organisations include:

  • Climate Bonds Initiative

  • Climate-KIC

  • UN-backed Principles for Responsible Investment

  • Sustainable Stock Exchange Initiative

  • UNEP Finance Initiative

The press release can be downloaded here.

​The G7 Bologna Communiqué of Environment Ministers from June 2017 can be found here.

​The Casablanca statement on financial centres for sustainability from September 2017 can be found here.

​The UN Environment report, Accelerating Financial Centres’ Action for Sustainable Development, can be found here.​

The FC4S Statement, “Building Shared Language for Green and Sustainable Finance”, can be found here. The Briefing accompanying the statement can be found here.

New Research Lays out How to Deliver Investment in Sustainable Infrastructure

Tue, Sep 25, 2018
  • New research released today says serious and rapid investment in sustainable upgrades and alternatives is needed to limit climate change.
  • The report finds that energy, transport, buildings and water infrastructure contribute more than 60 per cent of greenhouse gas emissions.

New York, 25 September 2018 – With high-carbon infrastructure responsible for the majority of global greenhouse gas emissions, serious and rapid investment in sustainable upgrades and alternatives is needed to limit climate change, according to new research released today.

A summary of an upcoming UN Environment, OECD and World Bank Group report, Financing Climate Futures: Rethinking Infrastructure, lays out six ways to bring public and private financial flows in line with the Paris Agreement goals, in particular in infrastructure finance.

Financing Climate Futures says governments must adopt a more transformative agenda on financing for a low-carbon future to meet the Paris temperature goals by peaking CO2 emissions as soon as possible and then bringing them down to net zero or lower in the second half of the century.

The solutions it lays out include better planning and foresight, integrating climate concerns into all budgetary decisions and leveraging public procurement into low-emission infrastructure.

“Building climate-compatible infrastructure is a cornerstone for the success of the Paris Agreement and broader sustainability goals, and we have seen encouraging momentum in this direction. But we need to start making real change happen,” said Erik Solheim, Head of UN Environment.

“Only sustainable infrastructure can deliver huge benefits to people and the planet. To encourage the capital allocation that will unlock this promise, however, we need new thinking. This report presents some of the steps we can take to make this change.”

Change is happening, but too slowly

The report finds that energy, transport, buildings and water infrastructure contribute more than 60 per cent of greenhouse gas emissions. This means that scaling-up public and private investments in low-emission and sustainable infrastructure is critical to increase resilience and avoid further carbon lock-in.

The final report of the UN Environment Inquiry into the Design of a Sustainable Financial System, released in April this year, found that progress on reforming the global financial system over the last four years has started to deliver financing for sustainability and set up the next wave of action.

The Inquiry found that sustainability is becoming part of routine practice within financial institutions and regulatory bodies, green bond issuance grew from US$11 billion in 2013 to US$155 billion in 2017, and the number and range of policy measures to advance sustainable finance increased from 139 in 2013 to 300 by 2017.

However, much more needs to be done, particularly in infrastructure.

“We cannot ignore the new reality of powerful weather events that threaten jobs, homes, food security and other critical areas of our lives,” said Kristalina Georgieva, Chief Executive Officer of the World Bank. “The infrastructure that is built today must be ready to cope with tomorrow’s changing climate. We need the right incentives and regulations to urgently accelerate funding to these projects.”

Investment in sustainable infrastructure can boost economic growth

OECD analysis has shown that shifting infrastructure investment into low-carbon options, combined with structural reforms, could increase global Gross Domestic Product by as much as 5 per cent by 2050, while cutting emissions. That includes the effects of lower risks of damage from extreme weather events. The cost of shifting from brown to green infrastructure would be more than offset by fuel savings.

According to the OECD, governments still spend half a trillion dollars a year subsidizing oil, coal or gas and are not making enough use of public spending as a lever to decarbonize economies by investing in low-emissions infrastructure and innovation. Power plants under construction or in planning will lead to a near doubling of emissions from power generation, while incentives to shift to green energy and infrastructure, and disincentives to emit in all sectors, remain weak.

“After all the promises made in Paris and despite having all the tools we need at hand to move forward, this inertia risks us losing the war on climate change,” said OECD Secretary-General Angel Gurría. “We need to urgently deliver on our climate and development goals, and to do that we need a systemic shift of trillions of dollars towards low-emission and resilient investment.”

The report, which will be released in full at the next climate conference in Poland this December, outlines key actions that will help deliver this investment:

  • Plan sustainable and resilient infrastructure for a low-emission and resilient future
  • Unleash innovation to accelerate the transition to low-emissions technologies, business models and services
  • Ensure fiscal sustainability for a low-emission, resilient future
  • Reset the financial system in line with long-term climate risks and opportunities
  • Rethink development finance for climate
  • Empower city governments to build low-emission and resilient urban societies

NOTES TO EDITORS

Download the preliminary report

About UN Environment

UN Environment is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations. UN Environment works with governments, the private sector, the civil society and with other UN entities and international organizations across the world.

For more information, please contact:

Keith Weller, Head, UN Environment News and Media, +254 (0) 742 98 38 82, keith.weller[at]un.org

World’s Leading Financial Centres urge compatibility, connectivity between new standards for sustainable finance

Tue, Sep 18, 2018

Halifax, 18 September 2018 – A “shared language” for green and sustainable finance is critical for the growth of new markets, and for compatibility and coherence between jurisdictions, the FC4S Network – the world’s platform of leading financial centres working on sustainability – said in a joint statement released after a G7 meeting on sustainable finance in Halifax.

​The Network said new definitions, standards, and classification systems for sustainable finance should be developed to avoid confusion among policy and regulatory authorities and a real risk of increasing transaction costs for financial institutions seeking to provide sustainability-related products and services.

Importantly, several processes to develop “taxonomies” for sustainable finance are currently planned, or already underway – including the establishment by the European Union of a Technical Expert Group to develop a clear classification of economic activities and sectors which can be branded as “sustainable”.

To help achieve convergence, the statement sets out ten principles including the scope, purpose, good practice, proportionality and mechanisms of the taxonomies.

The statement – launched at a high-level Roundtable meeting on the eve of the 2018 G7 Environment, Energy, and Ocean Ministers’ meeting in Halifax – represents the continuation of G7 work on sustainable finance initiated by the Italian Presidency, where cooperation among financial centres was endorsed and encouraged. The Network itself was then launched by UN Environment in Casablanca in September 2017 with a mission to exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance.

Speaking at the Roundtable meeting, the Honourable Catherine McKenna, Canadian Minister of Environment and Climate Change, said: “The transition to a sustainable global economy represents a $26 trillion economic opportunity. Financial centres play a significant role in shifting capital to sustainable investment. As host of the G7 Environment, Oceans and Energy Ministers Meeting, Canada welcomes the leadership of the Network of Financial Centres for Sustainability in developing these ten principles, which are an important step to advancing sustainable finance and shifting billions to trillions of dollars to clean investment across the globe.”

​Jennifer Reynolds, President and CEO of Toronto Finance International, said: “Toronto is North America’s 2nd largest financial centre and has the opportunity to develop a leading hub for green and sustainable finance – we are proud to have been a leading contributor to the development of this statement. Clear and coherent language for sustainable finance is key if we are to move from niche to mainstream – and this statement sets out how to coordinate this evolving environment.”

​Francesco La Camera, Director General for Sustainable Development and International Affairs of the Italian Ministry of Environment, said: “It is remarkable how far the FC4S Network has come since its endorsement by the G7 in Italy last year – bringing in more than ten leading international centres to shape a new agenda for public-private collaboration. We are proud to support the Network as it continues to grow.”

​Erik Solheim, Executive Director of UN Environment said: “UN Environment works across the sustainability and finance agenda – and I can recognize that the FC4S Network is having a significant impact on the international policy sphere. I hope G7 nations can now take these principles forward by applying them in their own domestic processes.”

​Nick Robins, Senior Advisor on Sustainable Finance, said: “These ten principles are an important foundation for the technical discussions that market and policy institutions will face together – and we hope that the FC4S Network can serve as a platform for dialogue on these challenging issues.”

Notes to Editors

The FC4S Statement, “Building Shared Language for Green and Sustainable Finance”, can be found here. The Briefing accompanying the statement can be found here.

For further information, see www.fc4s.org, or contact Jeremy McDaniels (Head of Projects, FC4S Network), at Jeremy.McDaniels@un.org.

About the FC4S Network

The FC4S is a partnership between leading financial centres and the United Nations Environment Programme, which acts as its Convenor and Secretariat. The objective of the Network is to enable financial centres to exchange experience, drive convergence, and take action on shared priorities to accelerate the expansion of green and sustainable finance. Following from endorsement by G7 Environment Ministers under the 2017 Italian G7 Presidency, the FC4S Network was launched in September 2017 with the support of the Italian Ministry of Environment, Land, and Sea. The Network is headquartered in Geneva, Switzerland.

Current members of the Network include:

Astana: Astana International Financial Centre
Casablanca: Casablanca Finance City Authority
Dublin: Sustainable Nation Ireland
Frankfurt: Green and Sustainable Finance Cluster Germany
Geneva: Sustainable Finance Geneva
Hong Kong: Green Finance Task Force
London: City of London Green Finance Initiative
Luxembourg: Luxembourg for Finance
Liechtenstein: Liechtenstein Bankers Association
Milan: Centro Finanziario Italiano per la Sostenbilita (CFIS)
Paris: Finance for Tomorrow
Seoul: Seoul Metropolitan Government
Shanghai: Lujiazui Financial City
Shenzhen: Shenzhen Green Finance Committee
Stockholm: Stockholm Green Digital Finance
Toronto: Toronto Finance International
Zurich: Swiss Sustainable Finance

Partner organisations include:

Climate Bonds Initiative
Climate-KIC
Principles for Responsible Investment
Sustainable Stock Exchange Initiative
UNEP Finance Initiative

The press release can be downloaded here.

The G7 Bologna Communiqué of Environment Ministers from June 2017 can be found here.

The Casablanca statement on financial centres for sustainability from September 2017 can be found here.

The UN Environment report, Accelerating Financial Centres’ Action for Sustainable Development, can be found here.

About Toronto Finance International (TFI)

​TFI (www.tfi.ca) is a public-private partnership between Canada’s three levels of government, the financial services sector and academia. TFI’s mission is to lead collective action that drives the competitiveness and growth of Toronto’s financial sector and establishes its prominence as a leading international financial centre. (TFI was formerly known as Toronto Financial Services Alliance.)

For more information and to arrange interviews, contact:

Jeremy McDaniels (Head of Projects, FC4S Network), at Jeremy.McDaniels@un.org.

Sonia Prashar (TFI media contact), at soniaprashar@sppublicrelations.com.

Aligning Financial System Architecture and Innovation with Sustainable Development

Wed, Aug 08, 2018

The Argentine G20 presidency has opened up new opportunities for the Think20 (T20) to show the world their creative potential, a proactive attitude towards the future, and the importance of cooperation in order to adopt changes for the welfare of human kind.

The T20 is a network of research institutes and think tanks from the G20 countries. It provides research-based policy advice to the G20, facilitates interaction among its members and the policy community, and communicates with the broader public about issues of global importance.

Recently the T20’s 2030 Agenda for Sustainable Development task force published a policy brief titled Aligning financial system architecture and innovation with sustainable development. Written by Dr. Simon Zadek of the UN and Homi Kharas of The Brookings Institution, the policy brief focuses on ways the G20 could advance a systematic strategy to further align the G20’s work with the 2030 Agenda.

Their proposals include requiring measures emerging through international cooperation on financial architecture, including financial market standards, be subject to publicly available assessments (prior and ongoing) of potential impacts on the sustainable development goals and climate outcomes.

For more information and to read the complete report please visit: https://t20argentina.org/publicacion/aligning-financial-system-architecture-and-innovation-with-sustainable-development/

Developing Countries Face Rising Payments Due to Climate Change, Says Report

Mon, Jul 02, 2018

Developing countries face debt payments of up to $168 billion over the next ten years as a result of their vulnerability to man-made climate change.

A new study from Imperial College Business School and SOAS found that climate risks are increasing the cost of capital for developing countries. The researchers found that for every ten dollars these countries pay in interest payments, an additional dollar is due to climate vulnerability.

The study shows that over the past decade, a sample of developing countries have endured $40 billion in additional interest payments on government debt alone.  The researchers estimate that these additional interest costs are set to rise to between $146bn and $168bn over the next decade, and could exacerbate the economic challenges already faced by poor countries around the world.

However, the researchers also found that investments in climate resilience can help improve fiscal health at the national level.

Dr Charles Donovan, Director of the Centre for Climate Finance and Investment at Imperial College Business School, said: “Our work demonstrates that climate change is not only imposing economic and social costs on developing countries, but it is also amplifying existing risks that are already priced in fixed income markets. These impacts will grow.

“The good news is that investments in climate adaptation can not only reduce social, ecological and economic harm, but can buffer against fiscal impairments. But to be effective, these investments need to be made now.”

Investments in effective climate mitigation and adaptation projects could include planting trees and building dikes for coastal protection in countries such as Bangladesh, Barbados, Cambodia, Fiji, Haiti, Honduras, Sri Lanka and Vietnam.

The research identifies several market and policy initiatives that could play a role in reducing the burden. The researchers found that to be effective from a financial perspective, climate adaptation initiatives must accomplish at least one of three imperatives: reduce the total economic costs of the impact of climate change, improve the speed of economic recovery  and/or cost-effectively transfer climate-related financial risks.

The study was commissioned by UN Environment with financial support from MAVA Foundation and prepared by the Centre for Climate Finance and Investment at Imperial College Business School and SOAS University of London. It is the first study to explore the relationship between climate vulnerability, sovereign credit profiles and the cost of capital in developing countries.

Growing Financial Sector Reform Starts To Deliver Private Finance for Sustainability

Tue, Apr 17, 2018
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Washington D.C., 17 April 2018 – Huge progress on reforming the global financial system over the last four years has started to deliver desperately needed financing for sustainability and set up the next wave of action, according to a new United Nations report released today.

However, the final report of the UN Environment Inquiry into the Design of a Sustainable Financial System cautions that current financial flows are still nowhere near enough to deliver the trillions of dollars needed each year to finance the Sustainable Development Goals and the Paris Agreement.

“Over the four years of the Inquiry’s operations, we have seen reform of the global financial system gather pace as banks, investors and regulators realize they must step up – not just to protect people and the planet, but their bottom lines,” said Erik Solheim, head of UN Environment.

“This is hugely encouraging, but we now have to turn widespread acknowledgement of the need for change into a global movement that delivers the finance we require to provide a better future for everyone.”

Evidence of change

The Inquiry, which completed its four-year mandate in March 2018, worked with policymakers, international organizations, financial institutions and civil society to help put sustainable finance at the heart of the development debate.

Its final report, Making Waves: Aligning the Financial System with Sustainable Development, finds that sustainability is now becoming part of routine practice within financial institutions and regulatory bodies.

Green bond issuance grew from US$11 billion in 2013 to US$155 billion in 2017. Key to this growth has been the market-creating role of public authorities, including key development banks. Yet such progress needs to be set against the scale of the global bond market of around US$100 trillion.

Divestments in carbon-intensive assets reached an estimated US$5 trillion in 2016, set against investments in coal, oil and gas over the same period of around US$710 billion.

National action is critical, and there are a growing number of ambitious roadmaps on sustainable finance. Each is important, but some catalyze broader international action. For example, China’s new Guidelines for Establishing a Green Financial System are the world’s most comprehensive set of national commitments, covering priorities across banking, capital markets and insurance.

The number and range of policy measures to advance sustainable finance has increased. At the end of 2013, 139 policy and regulatory measures were in place across 44 jurisdictions. Four years on, the number of measures has risen to 300 in 54 jurisdictions, with a substantial rise in system-level initiatives.

There has been a striking growth in international initiatives, such as the G20 Green Finance Study Group (GFSG), co-chaired by China and the UK, with UN Environment serving as its Secretariat. The GFSG continued under the German G20 Presidency in 2017 and is operating as the Sustainable Finance Study Group under the Argentinian G20 Presidency in 2018.

Getting the financial system we need

Although the report finds that capital is beginning to flow to the new economy, it cautions that far more is continuing to support the old economy.

Making Waves shows that systemic change is possible, in this case in how global finance aligns to sustainable development,” said Simon Zadek, Co-Director of the Inquiry. “It also reminds us that this is unfinished business – we need more waves of action to deliver the timely scale of changes needed to get the job done.”

However, the engagement of increasingly influential players, the growth of powerful coalitions that support collaborative action, the shifting focus towards areas such as digital finance, the roles of rating agencies, and key policy platforms such as the G20 all point to further action.

“Most of the initiatives that are now underway to accelerate sustainable finance, whether by central banks, pension funds, credit rating agencies or insurance companies, would have been simply unthinkable when the Inquiry started back in 2014,” said Nick Robins, Co-Director of the Inquiry. “This should us give us confidence that we can achieve the alignment of the financial system with sustainable development.”

The next phase in sustainable finance will be about making the shift from acknowledgement to alignment. It will be multidimensional and non-linear. It will involve new, better ways of doing finance. It will require new performance metrics for the financial system, ones that measure the extent to which sustainability is really part of the process of finance as well as its outcomes.

Although the Inquiry’s mandate is fulfilled, its work to catalyze change will continue through UN Environment, Sustainable Finance at the G20, coalitions for actions such as the Network of Financial Centres for Sustainability, the Sustainable Digital Finance Alliance and the Sustainable Insurance Forum.

Similarly, country-specific work will increasingly involve other parts of the United Nations system, partly catalyzed by the support provided by the Inquiry to the UN Secretary-General’s leadership in championing sustainable finance.

NOTES TO EDITORS

Download additional quotes, graphics, facts and figures, and the executive summary of the report from the Inquiry website.

About the Inquiry

UN Environment initiated The Inquiry into the Design of a Sustainable Financial System to advance options to align the financial system with sustainable development. Established in January 2014, the Inquiry’s work was extended for another two years in late 2015.

It has published three editions of its global report: the first in October 2015, the second in October 2016, and third in October 2017. ‘Making Waves: Aligning the Financial System with Sustainable Development’ is its final, global report.

The Inquiry focused on the ‘rules of the game’ governing financial and capital markets. It worked in more than 20 countries, from Argentina to the United Kingdom, both to evaluate progress towards a sustainable financial system and help deliver national roadmaps.

It looked at a wide range of issues impacting the ability of the financial system to serve sustainable development, including delivering the first assessment on green tagging in Europe’s banking sector, publishing the first analysis of how digital finance could support sustainable development, and identifying the key steps that need to be taken to align insurance with the Sustainable Development Goals.

The Inquiry also worked to encourage international cooperation across issues and platforms, including the G7, G20 and V20, establishing the Sustainable Digital Finance Alliance with China’s Ant Financial Services and building a network of 20 financial centres sharing experience to promote green and sustainable finance.

For more information, contact:

Nader Rahman, Inquiry into the Design of a Sustainable Financial System, +1 718 517 1684, nader.rahman@un.org, inquiry@unep.org

不断深入的金融业改革开始为可持续发展带来民间融资

华盛顿特区,2017417日——根据联合国今天公布的一份最新报告,全球金融体系改革最近四年取得的巨大进展已开始为可持续发展提供迫切需要的融资,并引发下一波行动热潮。

但是,在其最终报告中,联合国环境规划署可持续金融体系的探寻与规划项目(UNEP Inquiry项目)警示,目前的资金流仍远不足以提供每年为实现联合国可持续发展目标和《巴黎协定》所需要的上万亿美元。

联合国环境规划署负责人Erik Solheim表示,“在开展Inquiry项目的四年时间里,我们看到全球金融体系改革步伐加快,因为银行、投资者和监管机构认识到其不仅必须加紧保护人类和地球,还必须加紧保护自身的盈亏底线。”

“这一进展非常令人鼓舞,但是我们现在必须将对变革必要性的广泛认同转化为全球性运动,为人类更美好的未来提供所必需的资金。”

变革的迹象

Inquiry项目于2018年3月完成了其为期四年的使命。在此期间,其曾与政策制定者、国际组织、金融机构和民间团体合作,帮助推动可持续金融成为发展讨论的中心议题。

在其发布的最终报告《波澜壮阔:整合金融体系与可持续发展》,Inquiry项目认为可持续发展目前已成为金融机构和监管机构常规工作的组成部分。

绿色债券的发行规模从2013年的110亿美元增加至2017年的1550亿美元。包括主要开发银行在内的公共机构在市场创造方面发生的作用,是导致这一增长产生的主要原因。然而,需要提到的一点是与这一增长规模相比,全球债券市场的规模大约为100万亿美元。

2016年,碳密集型资产撤资规模估计达到了5万亿美元,而相比较而言,同一时期的煤炭、石油和天然气投资规模大约为7100亿美元。

国家行动至关重要,越来越多的国家制定了宏伟的可持续金融路线图。每个国家的行动都具有重要意义,但是某些国家的行动引发了更大范围的国际行动,例如,中国新发布的《关于构建绿色金融体系的指导意见》所包含的国家承诺是全球最全面的,涵盖整个银行业、资本市场和保险业的重点事项。

推动可持续金融的政策措施在数量和范围上有所提高。2013年末,44个国家和地区制定了139项政策和监管措施。四年后,这些措施的数量已增至300项,涉及54个国家和地区,同时系统性倡议的数量也大幅增加。

由中英两国共同主持、联合国环境规划署担任秘书处的G20绿色金融研究小组(GFSG)等国际倡议的数量显著增加。在2017年德国担任G20主席国期间,该小组继续开展工作。2018年,阿根廷担任G20主席国,将其更名为可持续金融研究小组。

获得我们需要的金融体系

尽管该报告认为资本已开始流向新经济,但是其警示,相比较而言,更多的资本仍在支持旧经济。

Inquiry项目的联合负责人Simon Zadek表示,“《波澜壮阔:整合金融体系与可持续发展》报告显示在全球金融与可持续发展的整合方式上,系统性变革是可能的。同时,该报告也提醒我们,这是一项尚未完成的任务,我们需要采取一波又一波的行动,以便及时达到完成任务所需的变革规模。”

不管怎样,越来越多的有影响力的主体的参与、支持采取联合行动的强大联盟的增多、大家关注的焦点向数字金融等领域的转移、评级机构的作用、G20等主要政策平台,这一切都表明需要采取进一步行动。

Inquiry项目的联合负责人Nick Robins表示,“目前正在实施的旨在加快可持续金融发展速度的大多数倡议,无论是由央行、养老基金、信贷评级机构实施的,还是保险公司实施的,在Inquiry项目最初起步的2014年,简直难以想象。凭借这一点,我们应该有信心可以实现金融体系与可持续发展的整合目标。”

可持续金融的下一阶段任务将涉及从认同向整合转移。这将是多维度、非线性任务,并且需要全新、更好的金融方式,以及全新的金融体系绩效考核指标,即衡量可持续发展真正成为金融过程组成部分的程度及其结果的指标。

尽管Inquiry项目的使命已完成,但是其未来将通过联合国环境规划署、G20可持续金融议题及全球可持续金融中心网络、可持续数字金融联盟和可持续保险论坛等行动联盟来继续开展推动变革的工作。

与之类似的还有,Inquiry项目为联合国秘书长在推动可持续金融方面发挥的领导作用提供支持。在一定程度上由于该支持,国家层面的工作也将越来越多地涉及到联合国系统的其他组成机构。

编辑说明

其他引文、图表、事实和数据及该报告的执行摘要可从Inquiry项目网站下载。

关于Inquiry项目

为了推进金融体系与可持续发展的整合方案,联合国环境规划署启动了可持续金融体系的探寻与规划项目(UNEP Inquiry)。该项目设立于2014年1月。2015年下半年,Inquiry项目的任务期延长了两年。

Inquiry已发布三份全球报告:第一份发布于2015年10月,第二份发布于2016年10月,第三份发布于2017年10月。《波澜壮阔:整合金融体系与可持续发展》是其发布的最后一份全球报告。

Inquiry重点关注金融和资本市场的“游戏规则”,在包括阿根廷和英国在内的20多个国家开展工作,以评估可持续金融体系打造方面的进展,同时帮助制定国家路线图。

Inquiry关注对金融体系服务于可持续发展的能力产生影响的一系列问题,所开展的工作包括提供首份关于欧洲银行业绿色标签的评估报告、发布首份分析数字金融如何能够支持可持续发展的报告及确定为使保险业与联合国可持续发展目标保持一致所需要采取的主要步骤。

Inquiry还致力于推动跨问题、跨平台(包括G7、G20和V20)的国际合作,与中国蚂蚁金服携手建立了可持续数字金融联盟,而且创建了一个由20多个金融中心组成的网络联盟,共享促进绿色和可持续金融的经验。

若需要更多信息,请联系以下人士:

联合国环境规划署可持续金融体系的探寻与规划项目Nader Rahman

电话:+1 718 517 1684

电子邮件:nader.rahman@un.orginquiry@unep.org

La réforme grandissante du secteur financier commence à fournir des financements privés pour le développement durable

Washington D.C., 17 Avril 2018 – D’énormes progrès ont été réalisés pour reformer le système financier mondial ces quatre dernières années, qui ont commencé à fournir des financements absolument nécessaires pour le développement durable et préparé la prochaine vague d’action, selon un nouveau rapport des Nations Unies publié aujourd’hui.

Toutefois, le rapport final de l’Enquête de l’ONU Environnement sur la conception d’un système financier durable prévient que les flux financiers actuels sont encore très loin des milliers de milliards de dollars nécessaires chaque année pour financer les Objectifs de Développement Durable et l’Accord de Paris.

« Durant les quatre ans d’activité de l’Enquête, nous avons vu la réforme du système financier mondial accélérer avec la prise de conscience par les banques, investisseurs et régulateurs qu’ils doivent intervenir – pas seulement pour protéger la planète et ses habitants, mais aussi leurs profits » a déclaré Erik Solheim, chef de l’ONU Environnement.

« Ceci est extrêmement encourageant, mais nous devons maintenant transformer une large reconnaissance du besoin de changement en un mouvement mondial qui fournit les financements dont nous avons besoin pour donner un avenir meilleur à tout le monde. »

Des preuves du changement

L’Enquête, qui a terminé son mandat de quatre ans en Mars 2018, a travaillé avec des décideurs politiques, des organisations internationales, des institutions financières et la société civile pour aider à placer la finance durable au cœur du débat sur le développement.

Son rapport final, Faire des Vagues : Aligner le Système Financier avec le Développement Durable, conclut que la durabilité fait désormais partie de la pratique courante des institutions financières et des régulateurs.

L’émission d’obligations vertes est passée de 11 milliards de dollars en 2013 à 155 milliards de dollars en 2017. Un élément clé de cette croissance a été le rôle des autorités publiques, y compris les banques de développement, qui ont créé un marché. Toutefois, ces progrès doivent être mis dans le contexte du marché obligataire mondial, d’une valeur avoisinant les 100 000 milliards de dollars.

Les désinvestissements dans des actifs intensifs en carbone sont estimés à 5 000 milliards de dollars en 2016, alors que les investissements dans le charbon, le gaz et le pétrole ont atteint environ 710 milliards de dollars la même année.

L’action au niveau national est d’une importance critique, et le nombre de feuilles de route ambitieuses sur la finance durable augmente. Chacune est importante, mais certaines catalysent une action internationale plus large. Par exemple, les nouvelles directives chinoises pour établir un système financier vert sont l’ensemble d’engagements nationaux le plus complet au monde, touchant à des priorités dans le secteur bancaire, les marchés de capitaux et les assurances.

Le nombre et la portée des mesures politiques pour promouvoir la finance durable ont augmenté. Fin 2013, 139 mesures politiques et de régulation étaient en place dans 44 juridictions. Quatre ans plus tard, ce nombre est de 300 dans 54 juridictions, avec une hausse sensible des initiatives regardant au niveau du système.

La croissance des initiatives internationales a été frappante, comme le groupe d’étude sur la finance verte du G20 (Green Finance Study Group, GFSG), co-présidé par la Chine et le Royaume-Uni, et dont l’ONU Environnement assure le secrétariat. Le GFSG a poursuivi ses activités sous la présidence allemande en 2017, et continue sous le nom de groupe d’études sur la finance durable sous la présidence argentine en 2018.

Obtenir le système financier dont nous avons besoin

Bien que le rapport conclut que des capitaux commencent à affluer vers la nouvelle économie, il avertit que bien plus soutiennent toujours l’ancienne.

Pour Simon Zadek, co-directeur de l’Enquête, « Faire des Vagues montre que le changement systémique est possible, ici dans le cas de l’alignement de la finance mondiale avec le développement durable, et nous rappelle que c’est un processus inachevé : il faut plus de vagues d’action pour faire advenir au moment opportun les changements d’ampleur nécessaires pour finir le travail. »

Toutefois, l’implication d’acteurs à l’influence croissante, la multiplication de coalitions puissantes soutenant l’action collaborative, l’intérêt porté à des domaines comme la finance numérique, le rôle des agences de notation et des plateformes politiques clés comme le G20 pointent tous vers davantage d’action.

« La plupart des initiatives maintenant en cours pour accélérer la finance durable, venant des banques centrales, des fonds de pension, des agences de notation de crédit ou des compagnies d’assurance, aurait tout simplement été impensables quand l’Enquête a commencé il y a quatre ans », a déclaré Nick Robins, co-directeur de l’Enquête. « Ceci devrait nous rendre confiants que nous pouvons aligner le système financier avec le développement durable. »

La prochaine phase de la finance durable sera de passer de la prise de conscience à l’alignement. Elle sera multidimensionnelle, non linéaire et impliquera de nouvelles, et meilleures, façons de pratiquer la finance. De nouvelles mesures de performance du système financier seront nécessaires, qui mesureront à quel point la durabilité fait partie du processus de la finance et de ses résultats.

Bien que le mandat de l’Enquête soit rempli, son travail pour catalyser le changement continuera au travers de l’ONU Environnement, la finance durable au G20, des coalitions pour l’action comme le Réseau des centres financiers pour la durabilité, l’Alliance pour la finance numérique durable et le Forum pour l’assurance durable.

Pareillement, des activités spécifiques à différents pays vont de plus en plus impliquer d’autres éléments du système des Nations Unies, en partie catalysé par le soutien que l’Enquête a apporté au Secrétaire-général de l’ONU pour promouvoir la finance durable.

NOTES

Téléchargez d’autres citations, des graphiques, faits et chiffres, ainsi que le résumé du rapport sur le site de l’Enquête.

A propos de l’Enquête

L’ONU Environnement a lancé l’Enquête sur la conception d’un système financier durable pour faire avancer les options visant à aligner le système financier avec le développement durable. Créée en janvier 2014, son mandat a été prolongé de deux ans fin 2015.

Elle a publié trois éditions de son rapport global : la première en Octobre 2015, al deuxième en Octobre 2016 et la troisième en Octobre 2017. Faire des Vagues : Aligner le système financier avec le développement durable est son dernier rapport global.

L’Enquête s’est concentrée sur les « règles du jeu » gouvernant les marchés financiers et de capitaux. Elle a travaillé dans plus de 20 pays, de l’Argentine au Royaume-Uni, pour évaluer les progrès vers un système financier durable et pour aider à dresser des feuilles de route nationales.

Elle a examiné un vaste éventail de sujets qui affectent la capacité du système financier à servir le développement durable, par exemple en faisant la première évaluation des labels verts du secteur bancaire européen, en publiant la première analyse du soutien que la finance numérique peut apporter au développement durable, ou en identifiant les étapes clés qui doivent être franchies pour aligner les assurances avec les Objectifs de Développement Durable.

L’Enquête a aussi œuvré pour encourager la coopération internationale sur toute une gamme de sujets et entre plateformes, y compris le G7, le G20 et les V20, établissant l’Alliance pour la finance numérique durable avec la société chinoise Ant Financial Services, et créant un réseau de 20 centres financiers partageant leurs expériences pour promouvoir la finance verte et durable.

Pour plus d’informations, merci de contacter :

For more information, contact:

Nader Rahman, Enquête sur la conception d’un système financier durable, +1 718 517 1684, nader.rahman@un.org, inquiry@unep.org

La creciente reforma del sector financiero comienza a ofrecer financiación privada para la sostenibilidad

Washington D.C., 17 de abril de 2018 – Un gran progreso en la reforma del sistema financiero mundial en los últimos cuatro años ha comenzado a rendir frutos para el financiamiento para el desarrollo sostenible según un nuevo informe de las Naciones Unidas publicado hoy.

Sin embargo, el informe final de la ‘Investigación del Programa de Naciones Unidas para el Medio Ambiente (PNUMA) sobre  el Diseño de un Sistema Financiero Sostenible’ advierte que los flujos financieros actuales todavía no son suficientes para alcanzar los trillones de dólares necesarios para financiar los Objetivos de Desarrollo Sostenible y el Acuerdo de París.

“Durante los cuatro años de la Investigación, hemos visto cómo la reforma del sistema financiero global se acelera a medida que los bancos, inversores y reguladores se dan cuenta de que deben aumentar sus esfuerzos, no solo para proteger a las personas y el planeta, sino también sus  propios resultados”, dijo Erik Solheim, jefe de ONU Ambiente.

“Esto es enormemente alentador, pero ahora tenemos que convertir el reconocimiento generalizado de la necesidad de cambio en un movimiento global que ofrece la financiación que necesitamos para brindar un futuro mejor para todos”.

Evidencia de cambio

La Investigación, que completó su mandato de cuatro años en marzo de 2018, trabajó con los responsables de formular políticas, las organizaciones internacionales, las instituciones financieras y la sociedad civil para ayudar a colocar las finanzas sostenibles en el centro del debate sobre el desarrollo.

Su informe final, ‘Alineando el Sistema Financiero con el Desarrollo Sostenible’, encuentra que la sostenibilidad se está convirtiendo en práctica habitual de las instituciones financieras y los organismos reguladores.

La emisión de bonos verdes creció de US $ 11 mil millones en 2013 a US $ 155 mil millones en 2017. La clave de este crecimiento ha sido la creación de mercados por parte de las autoridades públicas, incluidos los principales bancos de desarrollo. Sin embargo, este progreso debe contrasta con la escala del mercado global de bonos de alrededor de US $ 100 billones.

Las desinversiones en activos con altas emisiones de carbono alcanzaron un estimado de 5 billones de dólares en 2016, frente a nuevas inversiones en carbón, petróleo y gas durante el mismo período de alrededor de 710 mil millones de dólares.

La acción nacional es crítica, y hay un número creciente de planes ambiciosos para fomentar las finanzas sostenibles. Cada uno es importante, pero algunos catalizan acciones internacionales más amplias. Por ejemplo, las nuevas ‘Directrices de China para Establecer un Sistema Financiero Verde’ son el conjunto de compromisos nacionales más completo del mundo, pues cubren las prioridades de todos los sectores de la banca, los mercados de capitales y de aseguradoras.

El número y el alcance de políticas para avanzar la financiación sostenible ha aumentado. A fines de 2013, 139 políticas y medidas regulatorias estaban en vigencia en 44 jurisdicciones. Cuatro años después, el número de medidas ha aumentado a 300 en 54 jurisdicciones, con un aumento sustancial en las iniciativas a nivel de sistema.

Ha habido un notable crecimiento en iniciativas internacionales, como el G20 Green Finance Study Group (GFSG), copresidido por China y el Reino Unido, y ONU Ambiente actuando como secretaría. El GFSG continuó bajo la presidencia alemana del G20 en 2017 y está operando como el Grupo de estudio de finanzas sostenibles bajo la presidencia argentina del G20 en 2018.

El sistema financiero que necesitamos

El  informe encuentra que el capital está comenzando a fluir hacia la nueva economía, sin embargo también advierte que hay mucho más capital que continúa apoyando a la vieja economía.

“El informe muestra que el cambio sistémico es posible, en este caso evidenciado en la forma en que las finanzas mundiales se alinean con el desarrollo sostenible”, dijo Simon Zadek, codirector de la Investigación. “También nos recuerda que esto es un asunto pendiente: necesitamos más oleadas de acción para alcanzar la escala oportuna de cambios necesarios para alcanzar el desarrollo sostenible”.

La participación de actores cada vez más influyentes, el crecimiento de poderosas coaliciones que apoyan la acción colaborativa, el enfoque cambiante hacia áreas como las finanzas digitales, los roles de las agencias de calificación y las plataformas clave de políticas como el G20 apuntan a nuevas medidas.

“La mayoría de las iniciativas que están en marcha para acelerar el financiamiento sostenible, ya sea por bancos centrales, fondos de pensiones, agencias de calificación crediticia o compañías de seguros, hubieran sido simplemente impensables cuando la Investigación comenzó en 2014”, dijo Nick Robins, codirector de la Investigación. “Esto debería darnos confianza de que podemos lograr la alineación del sistema financiero con el desarrollo sostenible”.

La siguiente fase en finanzas sostenibles consistirá en hacer la transición del reconocimiento a la alineación. Esta transición será multidimensional y no lineal, e implicará nuevas y mejores formas de hacer finanzas. Requerirá también nuevas métricas de desempeño para el sistema financiero, que midan en qué medida la sostenibilidad es realmente parte del proceso de financiación y sus resultados.

Aunque el mandato de la Investigación se cumple, su trabajo para catalizar el cambio continuará a través de ONU Ambiente, Finanzas sostenibles en el G20, coaliciones para acciones como la Red de Centros Financieros para la Sustentabilidad, la Alianza de Finanzas Digitales Sostenibles y el Foro de Seguros Sustentables.

Del mismo modo, el trabajo específico de cada país involucrará cada vez más a otras partes del sistema de las Naciones Unidas, en parte catalizadas por el apoyo brindado por el equipo de la Investigación al liderazgo del Secretario General de las Naciones Unidas en la defensa de las finanzas sostenibles.

NOTAS A LOS EDITORES

Descargue citas, gráficos, hechos y cifras adicionales, y el resumen ejecutivo del informe del sitio web de la Investigación.

Acerca de la ‘Investigación del Programa de Naciones Unidas para el Medio Ambiente (PNUMA) sobre  el Diseño de un Sistema Financiero Sostenible

El entorno de las Naciones Unidas inició la investigación sobre el diseño de un sistema financiero sostenible para evaluar  las opciones de alinear el sistema financiero con el desarrollo sostenible. Establecida en enero de 2014, el trabajo de la Investigación se extendió por otros dos años a fines de 2015.

Se han publicado tres ediciones de su informe global: el primero en octubre de 2015, el segundo en octubre de 2016 y el tercero en octubre de 2017. ‘Alineando el Sistema Financiero con el Desarrollo Sostenible’ es su último informe global.

La investigación se centró en las “reglas del juego” que rigen los mercados financieros y de capitales. Funcionó en más de 20 países, desde Argentina hasta el Reino Unido, tanto para evaluar el progreso hacia un sistema financiero sostenible como para ayudar a diseñar  planes nacionales.

Se analizó una amplia gama de cuestiones que afectan la capacidad del sistema financiero para servir al desarrollo sostenible, incluida la realización de la primera evaluación del etiquetado ecológico en el sector bancario europeo, publicando el primer análisis de cómo las finanzas digitales podrían apoyar el desarrollo sostenible e identificando pasos que deben tomarse para alinear las aseguradoras con los Objetivos de Desarrollo Sostenible.

La investigación también trabajó para alentar la cooperación internacional en temas y plataformas, incluidos G7, G20 y V20, estableciendo la ‘Alianza de Finanzas Digitales Sostenibles’ con Ant Financial Services de China y construyendo una red de 20 centros financieros que comparten experiencia para promover finanzas verdes y sostenibles.

Para mas informacion contacte:

Nader Rahman, Investigación sobre el diseño de un sistema financiero sostenible, +1 718 517 1684, nader.rahman@un.org, inquiry@unep.org

Leading Financial Centres Gather to Boost Sustainable Finance

Wed, Apr 11, 2018

Milan, 12 April 2018 – Nearly 20 of the world’s leading financial centres are gathering in Milan to hold the inaugural meeting of a new international network to accelerate green and sustainable finance.

Sustainable finance is now recognised as one of the megatrends shaping the future of global capital markets. This network will boost cooperation among key global hubs.

The network, convened by UN Environment, was launched in Casablanca in September 2017. It now has 18 members, a real A to Z: Astana, Casablanca, Dublin, Frankfurt, Geneva, Hong Kong, Milan, Liechtenstein, London, Luxembourg, Milan, Paris, Qatar, Seoul, Shanghai, Stockholm, Toronto and Zurich.

“Financial centres are the key places in the global economy which determine where capital flows,” said Erik Solheim, Executive Director of UN Environment. “We’re delighted to convene this network of passionate leaders and aim to make a real difference for climate action and sustainable development.”

Arabella Caporello, City Manager of Milan said: “We’re honoured to host the inaugural meeting in our city. Local authorities are on the front line in the challenge to achieve sustainable development goals and we believe that financial centres can drive the transition to a low carbon economy and inclusive society. The City of Milan is strongly involved in boosting sustainable development and specialised financial tools are a crucial point to achieve this goal.”

The past year has been marked by positive signs of progress in sustainable finance. Issuance of green bonds exceeded USD 155 billion in 2017, up from USD 82 billion in 2016. Leading countries and regions are also introducing strategic roadmaps to link their financial systems with sustainable development, notably China, the EU, Italy, Morocco and Singapore.

Financial centres bring together a cross-section of different activities including banking, capital markets, insurance and investment, as well as regulation and new themes like fintech. It is this clustering effect that the Network will harness for sustainable development.

Xingan Ge, President & CEO of the China Emissions Exchange and Secretary-General of Shenzhen’s Green Finance Committee said: “We are ready to take tremendous efforts to push forward the development of green finance in our city, together with our international counterparts in the Network, to facilitate the transition to a green, low carbon, and sustainable economy, which benefits the construction of ecological civilization in China and the public welfare of the Earth.”

Stephen Nolan, Chief Executive Officer of Sustainable Nation Ireland, which is building up Dublin as a green financial centre, said: “It may seem surprising that highly competitive financial centres are cooperating on sustainability. Yet this collaboration is key to grow the market. In the EU, we’re establishing a regional platform for Europe’s 30+ financial centres with the EU’s Climate-KIC platform, which will form a key pillar of the global network.”

The goal of the Network is to “exchange experience and take common action on shared priorities to accelerate the expansion of green and sustainable finance”. It will do this by raising awareness, strengthening market practice and promoting market expansion. It will also share experiences on financial innovation, building capacity and engaging in dialogue with policymakers.

The Network was initiated by UN Environment’s Inquiry. Nick Robins, Co-Director of the Inquiry said: “Leading financial centres are now showing how they can make the transition to a low-carbon, green economy cheaper, faster and smoother.”

Notes to Editors

– Green finance is defined as finance that delivers environmental benefits in the context of sustainable development. Sustainable finance looks more broadly at environmental, social and governance (ESG) factors in both market practice and policy frameworks for banking, capital markets, investment and insurance.

– The Casablanca statement on financial centres for sustainability can be found here.

– The new UN Environment report, Accelerating Financial Centre Action for Sustainable Development, can be found here.

– The Inquiry into the Design of a Sustainable Financial System was launched by UN Environment to improve the financial system’s effectiveness in mobilizing capital for sustainable development. Established in January 2014, it published the first edition of ‘The Financial System We Need’ in October 2015, with the third edition launched in November 2017. The Inquiry has worked in over 20 countries and produced a wide array of briefings and reports on sustainable finance. It is secretariat for the G20 Green Finance Study Group as well as the Sustainable Insurance Forum of regulators. More information is available at: www.unep.org/inquiry and www.unepinquiry.org

For more information and to arrange interviews, contact:

Nick Robins, Co-director, Inquiry into the Design of a Sustainable Financial System
+4179 197 9259

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