UNEP Inquiry releases report on aligning global finance with sustainable development
The United Nations Environment Programme’s (UNEP) two-year Inquiry has released its final report, The Financial System We Need, describing how to harness the assets of the world’s financial system to support sustainability.
They key findings are:
- A quiet revolution is underway as financial policy makers 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 realisation of the Sustainable Development Goals.
Achim Steiner, UN Under-Secretary-General and Executive Director of UNEP said: “UNEP’s Inquiry has for the first time compiled and analysed 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.”
Along with The Financial System We Need, the Inquiry will be launching the Inquiry Live website that will house the body of knowledge and research materials encompassing the Inquiry’s work over the past 20 months.
About the UNEP Inquiry
The UNEP Inquiry into the Design of a Sustainable Financial System was established in January 2014 to advance policy options that would improve the effectiveness of the financial system in supporting sustainable development. Supported by an Advisory Council of financial leaders, the Inquiry has looked in-depth at practice in more than 15 countries as well as across key segments of the financial system, such as banking, bond and equity markets, institutional investment, insurance and monetary policy. To reach its findings, the Inquiry has worked with central banks, environment ministries, international financial institutions and major banks, stock exchanges, pension funds and insurance companies.