The report, Green Finance - A Growing Imperative, explored the implications of the greening of the financial system for financial market actors and policymakers.
Key messages are:
- Transforming the financial system is key to promoting the green transformation of our economies, alongside environmental regulations, pricing reforms, and fiscal policies.
- Needed urgently is the scaled “industrialization” of green finance, which in turn requires international harmonization of definitions, products and standards.
- Market-based innovations are supporting the development of green finance, including green bonds and associated principles, definitions and standards, and enhanced risk analysis and disclosure.
- Public-private collaboration is needed to support the smart design and effective scaling of market innovations and policy measures to advance green finance.
- G20 has an important, continued role to play in policy signalling, converging definitions and standards, and exemplifying good practice.