Pennsylvania + Wall



 

Pennsylvania + Wall provides commentary on a broad range of current financial, economic and regulatory reform topics. The views expressed are those of the authors, and do not necessarily reflect the position of SIFMA.

October 13, 2016

Greening the Financial System: From Momentum to Transformation

By David Strongin

Green Finance



Momentum is building to align the financial system to support sustainable development and economic growth. In the last six months, a range of market and policy actions have been taken that support the growth of green finance such as:

  • The green bond market is booming, fueled by investor demand, new regulations and strategic investment needs, as well as China’s entry into the market.
  • National leadership continues to be a driving force, e.g. China adopting a ground-breaking plan to green its financial system; EU committing to a strategic review of sustainable finance.
  • UN Environment has identified over 200 innovative policy and regulatory measures that have been taken across 60 countries to link finance and sustainability.
  • G20 Leaders issued the first communiqué that includes green finance, and the Financial Stability Board is exploring climate risks across the financial system.
  • Sustainability is becoming a competitiveness factor for some of the world’s financial centers, including Hong Kong, Nairobi, London, and Paris.

Momentum is to be applauded, but is not enough to deliver financing to meet the climate commitments under the Paris Agreement, which can also lead to additional economic growth. Further policy and market reform is necessary to bring green finance into the mainstream of the financial infrastructure.
On Friday, October 7, 2016, organizations from around the globe met in Washington, DC before the IMF and World Bank annual meetings to discuss ways to meet this transformational challenge.

Green Finance - Greening the Financial System: From Momentum to Transformation — Ronald Reagan Building and International Trade Center Rotunda

Greening the Financial System: From Momentum to Transformation — Ronald Reagan Building and International Trade Center Rotunda 

Green Finance - Simon Zadek, Co-Director, UNEP Inquiry

Simon Zadek, Co-Director, UNEP Inquiry

Gree Finance - Ludger Schuknecht, Chief Economist and Head of Directorate General Fiscal Policy and International Financial and Monetary Policy, German Ministry of Finance

Ludger Schuknecht, Chief Economist and Head of Directorate General Fiscal Policy and International Financial and Monetary Policy, German Ministry of Finance

Green Finance - Douglas Flint, Chairman, HSBC

Douglas Flint, Chairman, HSBC

Green Finance - Patrick Njoroge, Governor, Central Bank of Kenya

Patrick Njoroge, Governor, Central Bank of Kenya

Green Finance - Deborah Lehr, Senior Advisor, Paulson Institute, Basilinna

Deborah Lehr, Senior Advisor, Paulson Institute, Basilinna

Green Finance - Kenneth E. Bentsen, Jr., President and CEO, SIFMA

Kenneth E. Bentsen, Jr., President and CEO, SIFMA

Green Finance -Luis Alberto Moreno, President, Inter-American Development Bank

Luis Alberto Moreno, President, Inter-American Development Bank

Green Finance -Jonathan Taylor, Vice-President, responsible for Environment and Climate Action, European Investment Bank

Jonathan Taylor, Vice-President, responsible for Environment and Climate Action, European Investment Bank

Green Finance -Yi Gang, Deputy Governor, People’s Bank of China

Yi Gang, Deputy Governor, People’s Bank of China 

Green Finance -Amina Mohamed, Minister of Environment, Government of Nigeria

Amina Mohamed, Minister of Environment, Government of Nigeria

Green Finance - Tim Adams, President and CEO, Institute of International Finance (IIF)

Tim Adams, President and CEO, Institute of International Finance (IIF)

Read more about Green Finance at www.sifma.org/green-finance

David Strongin is Executive Director, GFMA

 

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Greening the Financial System: From Momentum to Transformation

(Public Policy) Permanent link

By David Strongin

Green Finance



Momentum is building to align the financial system to support sustainable development and economic growth. In the last six months, a range of market and policy actions have been taken that support the growth of green finance such as:

  • The green bond market is booming, fueled by investor demand, new regulations and strategic investment needs, as well as China’s entry into the market.
  • National leadership continues to be a driving force, e.g. China adopting a ground-breaking plan to green its financial system; EU committing to a strategic review of sustainable finance.
  • UN Environment has identified over 200 innovative policy and regulatory measures that have been taken across 60 countries to link finance and sustainability.
  • G20 Leaders issued the first communiqué that includes green finance, and the Financial Stability Board is exploring climate risks across the financial system.
  • Sustainability is becoming a competitiveness factor for some of the world’s financial centers, including Hong Kong, Nairobi, London, and Paris.

Momentum is to be applauded, but is not enough to deliver financing to meet the climate commitments under the Paris Agreement, which can also lead to additional economic growth. Further policy and market reform is necessary to bring green finance into the mainstream of the financial infrastructure.
On Friday, October 7, 2016, organizations from around the globe met in Washington, DC before the IMF and World Bank annual meetings to discuss ways to meet this transformational challenge.

Green Finance - Greening the Financial System: From Momentum to Transformation — Ronald Reagan Building and International Trade Center Rotunda

Greening the Financial System: From Momentum to Transformation — Ronald Reagan Building and International Trade Center Rotunda 

Green Finance - Simon Zadek, Co-Director, UNEP Inquiry

Simon Zadek, Co-Director, UNEP Inquiry

Gree Finance - Ludger Schuknecht, Chief Economist and Head of Directorate General Fiscal Policy and International Financial and Monetary Policy, German Ministry of Finance

Ludger Schuknecht, Chief Economist and Head of Directorate General Fiscal Policy and International Financial and Monetary Policy, German Ministry of Finance

Green Finance - Douglas Flint, Chairman, HSBC

Douglas Flint, Chairman, HSBC

Green Finance - Patrick Njoroge, Governor, Central Bank of Kenya

Patrick Njoroge, Governor, Central Bank of Kenya

Green Finance - Deborah Lehr, Senior Advisor, Paulson Institute, Basilinna

Deborah Lehr, Senior Advisor, Paulson Institute, Basilinna

Green Finance - Kenneth E. Bentsen, Jr., President and CEO, SIFMA

Kenneth E. Bentsen, Jr., President and CEO, SIFMA

Green Finance -Luis Alberto Moreno, President, Inter-American Development Bank

Luis Alberto Moreno, President, Inter-American Development Bank

Green Finance -Jonathan Taylor, Vice-President, responsible for Environment and Climate Action, European Investment Bank

Jonathan Taylor, Vice-President, responsible for Environment and Climate Action, European Investment Bank

Green Finance -Yi Gang, Deputy Governor, People’s Bank of China

Yi Gang, Deputy Governor, People’s Bank of China 

Green Finance -Amina Mohamed, Minister of Environment, Government of Nigeria

Amina Mohamed, Minister of Environment, Government of Nigeria

Green Finance - Tim Adams, President and CEO, Institute of International Finance (IIF)

Tim Adams, President and CEO, Institute of International Finance (IIF)

Read more about Green Finance at www.sifma.org/green-finance

David Strongin is Executive Director, GFMA

 

Posted by Laurie Moore at 10/14/2016 09:22:36 AM | 


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