The heartland of the global economy, the financial system, can evolve to serve its core purpose of growing and sustaining the real economy. A new UNEP report released at the International Monetary Fund (IMF)/World Bank Annual Meetings shows how to harness the assets of the world’s financial system for sustainability.
The key findings are that:
– A ‘quiet revolution’ is underway as financial policymakers and regulators take steps to integrate sustainable development considerations into financial systems to make them fit for the 21st century.
– Momentum is building and is largely driven by developing and emerging nations including Bangladesh, Brazil, China, Kenya, and Peru, with developed country champions including France and the UK.
– Amplifying these experiences through national and international action could channel private capital to finance the transition to an inclusive, green economy and support the realization of the Sustainable Development Goals.
– These are the core findings of a two-year Inquiry by the United Nations Environment Programme, summarized in a new report, The Financial System We Need.
Commenting on the release Achim Steiner, UN Under-Secretary-General and Executive Director of UNEP said: “UNEP’s Inquiry has for the first time compiled and analyzed inspiring initiatives from across the world that seek to better align the financial system with sustainable development, showing that there is much to be learnt from the developing world. We now need to raise the level of ambition and cooperation to ensure that the heartland of the global economy, the financial system, can evolve to serve its core purpose of growing and sustaining the real economy. UNEP’s report opens a new chapter by setting out how such an evolution can be achieved,” he added.