The Financial System we NeedOne month before COP 21, the United Nations Environment Program has just launched its final report on how to build a financial system at the service of sustainable development and inclusive growth. ALL ARTICLES | Commitment
In July 2015, AXA and the United Nations Environment Program (UNEP) "Inquiry into the Design of a Sustainable Financial System" organized a symposium on how to build a bridge between financial regulatory challenges and the challenges on climate change and sustainable development.
Building upon these exchanges, the UNEP Inquiry team has now published its final report: "The Financial System We Need", concluding two years of research with public and private sector stakeholders in more than 15 countries.
In total, the inquiry found that over 100 measures are already in place, including the following:
- Kenya has advanced financial inclusion through scaling of mobile-based payment services, which is now also supporting green financing - France introduced new disclosure requirements on climate change for institutional investors as part of the country's energy transition legislation
- Peru has set up new due diligence requirements for banks to help reduce social and environmental externalities
- The United States of America has placed emphasis on fiscal measures to accelerate green finance, and has made significant advances in disclosure and investor action
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.
I welcome the Inquiry, as only a financial system with a sustainability orientation serves the economy and society, and so provides a sound foundation for fostering the long-term orientation of finance.