On 12 October 2017, on the margins of the World Bank/IMF Annual meetings, Bloomberg Philanthropies, the European Banking Federation (EBF), the Institute of International Finance (IIF), the Paulson Institute, the Securities Industry and Financial Markets Association (SIFMA) and UN Environment convened a roundtable discussion entitled “Greening the Financial System: Exploring the Ways Forward”.
The goal of this convening, the fourth in the series, was to examine lessons from developing and implementing green finance initiatives over the last few years and to highlight successful examples and opportunities, particularly from China and of green digital finance.
BRIEFING NOTE: KEY MESSAGES
- Strong governance is critical in driving progress in green finance.
Demonstrated leadership in developing domestic green policy
guidelines and markets have resulted in the increase in demand and
issuance of green finance products and can further support green
finance growth and harmonization.
- The definition of green finance is evolving. From the financing of
investments that provide environmental benefits in climate change
mitigation and adaptation, ”green finance” is evolving to include
sustainable natural resource management, inclusive finance,
education and other sustainable development criteria identified by
the Sustainable Development Goals (SDGs) in the 2030 Agenda.
- Financial technology can reshape business opportunities and
provide green innovators new ways to access capital, to alter
consumer behaviour and to scale green digital finance. The
development of more cooperative platforms, such as the Green
Digital Finance Alliance (GDFA), will further facilitate the scaling
of green digital finance.
- China recognizes the strategic imperative of green finance and has
emerged as a prominent leader in promoting and implementing it.
The Belt and Road Initiative is an opportunity for China to further
incorporate green finance and climate risk policies, while sharing
successful experiences, and encourage adoption of green finance by