For the first time in its history, G20 Leaders have referenced the importance of greening the financial system. In addition to the mention in their annual Communiqué, G20 members also published a Green Finance Synthesis Report that examines the need for and challenges of developing green finance.
For the first time in its history, G20 Leaders have referenced the importance of greening the financial system. In addition to the mention in their annual Communiqué, G20 members also published a Green Finance Synthesis Report that examines the need for and challenges of developing green finance.
Some major figures in banking welcome the news:
Zhou Xiaochuan, Governor of the People’s Bank of China (co-chair of the GFSG), said: ‘The global financial system has a major role to play in mobilizing private capital for investments in green sectors, and appropriate incentives should be given to green investment.’
Mark Carney, Governor of the Bank of England (co-chair of the GFSG), said: ‘The adverse effects of climate change threaten economic resilience, growth and financial stability. Given the scale of the investment capital needed, financial markets are best placed to finance the transition to a low carbon economy. So the work of the Green Finance Study Group is critical in identifying options to address institutional and market barriers to bringing green finance into the mainstream.’
For more details, see here.
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