Private and public sectors mobilise for scaling up green finance reports UN
UN Environment published a new report – the “Green Finance Progress Report” – showing the development of new financial products and encouraging policies to bridge the funding gap in sustainable investment.
Erik Solheim, Executive Director of the UN agency, said: “The world has committed to creating a better future for people and planet. But we will not be able to achieve [this] vision without the global financial system using its capital to fuel the transformation.”
He also said: “This new research […] shows encouraging progress in this regard. From a record number of new green finance measures to ambitious plans for green finance hubs, we are seeing the smart money move to green financing.”
Both private and public sectors have made efforts to scale up the necessary investment to achieve climate targets, and UN Environment pointed out in the report the particular effort of G20 countries to mobilise public resources.
Last year saw the launch of the Green Finance Study Group by the G20 under the Chinese presidency, and the German government have committed to continue the work under their presidency this year.
Several initiatives are outlined in the report, including the announcement by the Securities and Exchange Board of India of the new disclosure requirements for the issuing and listing of green debt securities, as well as the pilot areas for green finance announced by the State Council of China.
Erik Solheim declared: “The challenge now is to rapidly increase capital flows to investments that will support our sustainable development objectives and create commercially viable green businesses for decades to come.”
He concluded: “The G20 and others have set the wheels in motion. Now is the time to press hard on the accelerator.”