Green Finance as a launch pad towards Sustainable Development

24 August 2017, Geneva - There is an increasing realization of the opportunities to fundamentally shift development models to foster a prosperous, more inclusive and secure world. A range of new policy measures, market instruments and financing models are available that can protect against climate change and restore ecosystems, which supply the services underpinning development, while offering new growth paradigms, and creating new job opportunities.

Environmental challenges have impacted markets the same way these last ones have had an impact on the former ones. The global financial system requires to be set and considered intrinsic to reshaping our societies. Increasing investment into green economy sectors is one major practice to be included at the agenda-setting aiming to achieve the sustainable development goals.                      

Green finance is increasingly being prioritized at both global and national levels. In 2016, the G20 and the G7 summited to focus on green finance and its positive externalities on innovation and competitiveness. This trend has led page to work with key experts and initiatives, such as UN Environment Finance Initiative and UN Environment Inquiry to help partner countries connect their green economy projects and policies with investors. 

At the national level, PAGE has worked with the Mongolian Sustainable Finance Initiative, convened by Mongolia Bankers Association and guided by the Central Bank of Mongolia, Ministry of Environment, Ministry of Finance and the Financial Regulatory Commission, to develop a Green Credit Fund to be launched in September.

In Mauritius, PAGE is working with the Stock Exchange and the Ministry of Finance to develop a green bonds programme focused on capacity-building, learning from other jurisdictions and disseminating knowledge to financial institutions and verifiers.

Mongolia and Mauritius demonstrate the increasing awareness and improved capacity of public and private actors in unlocking private finance towards green sectors. However, a global push towards a transition to green finance is required. PAGE is committed to continuing to make connections between green finance experts, innovators and policymakers to scale up and replicate existing models for action as well as to develop new, impactful innovations for harnessing the power of the market to meet the Sustainable Development Goals.