The UN Environment Programme Finance Initiative (UNEP FI) saw more than 3000 participants join the second and final day of its 16th Global Roundtable, held virtually for the first time ever from 13–14 October 2020, under the theme “Financing a Resilient Future”. Below are highlights of the keynotes delivered.
UNEP’s Executive Director, Inger Andersen, said finance industry and its future profitability and our very own survival need natural systems. She called for the financial sector to show leadership to address the climate, nature and pollution crises, altering investments away from unsustainable consumption and production patterns, and to stop financing coal.
European Central Bank President, Christine Lagarde, warned that there is not enough green finance, and finance that claims to be green may not be green enough. More needs to be done to understand what is not green, and variations of green and grey. Of €750 billion in bond issuance to be launched from early 2021 onwards to respond to the consequences of the pandemic, 30% will be green investment.
Elizabeth Mrema, Executive Secretary, UN Convention on Biological Diversity, called on financial institutions to bring a collective commitment to take action on biodiversity loss in line with the Post-2020 Global Biodiversity Framework.
Enric Sala, National Geographic Explorer in Residence, highlighted the three main risks to the ocean, and considers how banks, insurers, investors can take a sustainable approach to the blue economy.
Peter Thomson, UN Special Envoy on the Oceans said financial institutions cannot ignore the enormous impact their activities have on the oceans’ health, and calling on them to engage with the Sustainable Blue Economy Finance Initiative and Principles.
A full recap of the event can be found here.
