UN Environment and the World Bank Group view the overarching objective of a sound financial system as being to provide finance that meets the long-term needs of an inclusive, environmentally sustainable economy. While there is no single blueprint or unique pathway for creating such a “sustainable financial system”, it is possible to describe its many characteristics and progress towards it. Progress is being made in advancing a sustainable financial system. However, despite such positive momentum, we risk slipping backwards if financing for sustainable development remains inadequate, and if much financing continues to flow towards unsustainable production and consumption patterns.
The UN Environment and the World Bank Group’s Roadmap initiative intends to design an action plan that moves towards a sustainable financial system, including its elements, sequencing and principal actors, and a basis for measuring progress. The Roadmap will build on the extensive experience of both partners and many others active in the field. At this stage, aligning the financial system to SDGs and the Paris Agreement requires the Roadmap to include several core pillars.
The final Roadmap for a Sustainable Financial System will be launched at the World Bank-IMF Annual Meetings in October of 2017.