2018-发展中国家绿色金融（英文版）-2mb

Summary and Key Findings of "Green Finance for Developing Countries"

Core Content

This report from the United Nations Environment Programme (UNEP) outlines the challenges, concerns and emerging innovations in green finance for developing countries. It emphasizes the need for an integrated approach to sustainable development, where financial systems must align with environmental, economic and social priorities. The report is based on extensive engagement with financial practitioners, regulators and experts from various developing countries, including Bangladesh, Colombia, Kenya, Mongolia, Morocco, Nigeria, Peru, Viet Nam and others, as well as discussions with the G20 Green Finance Study Group (GFSG) and the Swiss Ministry of Finance.

Main Points

Main Concerns of Developing Countries

• Integrated Approach: Environmental considerations in financing must be addressed alongside economic and social priorities, especially for small and medium enterprises (SMEs).
• Dilemmas and Trade-offs: International green finance initiatives should not compromise the competitiveness, equity and financial inclusion of developing countries.
• Impact of International Developments: Developments in the international financial system affect developing countries both positively and negatively, making G20 actions particularly relevant.

Action by Developing Countries

• National Collaboration: Many countries are developing national strategies and roadmaps to align financial systems with sustainable development, involving both public and private actors.
• Disruptive Potential: Emerging technologies like mobile money and blockchain offer opportunities for leapfrogging traditional financial systems and promoting inclusive, green finance.

Specific Needs of Developing Countries

• Inward Direct Investment: Developing countries need support for long-term green finance, including blended finance and green bond issuance.
• Financial System Development: They require greater participation in international debates and cooperation to shape global green finance practices.
• International Knowledge Sharing: Enhanced cooperation is needed to share experiences and best practices across countries.

Key Findings

Green Finance and the 2030 Agenda for Sustainable Development

• The 2030 Agenda, Paris Agreement and Financing for Development package have highlighted the need for a new approach to finance.
• These agreements emphasize the universality of sustainable development goals (SDGs), meaning all countries must adapt to global sustainability needs.
• Developing countries face an annual investment gap of $2.5 trillion in areas such as infrastructure, clean energy, water and sanitation, and agriculture.

Role of Financial Systems

• Financial systems are essential in mobilizing capital for sustainable development and mainstreaming sustainability across financial decision-making.
• Banks, capital markets and institutional investors must work together to enable long-term investments.
• Insurance plays a key role in managing environmental and social risks, promoting resilience and supporting green investment through risk signals and pricing.

Global Context and Innovations

• Green finance is becoming more prominent globally, with new policy and market innovations aiming to align financial systems with sustainable development.
• Countries such as South Africa, China and the Swiss are developing national strategies or roadmaps for green finance.
• The UNEP Inquiry identified five approaches to aligning financial systems with sustainable development: enhancing market practice, harnessing the public balance sheet, directing finance through policy, encouraging cultural transformation, and upgrading governance architecture.

Emerging Innovations from Developing Countries

National Plans and Strategies

• Several countries have developed national strategies or roadmaps to guide green finance, such as South Africa's Financial Charter, China's Green Finance Committee, and the Swiss Sustainable Finance initiative.

Greening the Banks

• Regulators in countries like Bangladesh, Brazil, China, Indonesia, Lao PDR, Mongolia, Nigeria, Peru, Thailand and Viet Nam have established green banking guidelines.
• Banks need to improve their capacity for environmental performance measurement and risk assessment.

Inclusive Insurance for Resilience

• Insurance is being leveraged to support resilience in developing countries by managing risks from climate events and promoting sustainable land use and disaster preparedness.
• Insurance pricing provides signals for risk reduction and encourages sustainable practices.

Sustainable Stock Markets

• Stock exchanges are incorporating sustainability disclosures and promoting green investment through policy and market mechanisms.

Technology-Enabled Financial Innovation

• Innovations such as mobile money and blockchain can help developing countries leapfrog traditional financial systems and promote more inclusive and green financial markets.

Measuring Progress

• There is a need for standardized definitions and indicators to measure progress in green finance activities and policy implementation.
• International cooperation is essential to facilitate knowledge sharing and the flow of green capital.

Needs in Relation to International Collaboration

Mapping Existing International Cooperation

• The report highlights the importance of mapping existing international cooperation mechanisms to support green finance in developing countries.
• It suggests that international frameworks should address factors affecting private sector resource flows, including trade agreements, investment frameworks and subsidies.

Relevance to the G20 Green Finance Study Group

• The G20 GFSG is tasked with identifying institutional and market barriers to green finance and developing options for mobilizing private capital.
• The findings from the UNEP Inquiry and the Geneva and Washington meetings are critical in shaping the GFSG's work and recommendations.

Next Steps

• The report calls for enhanced international collaboration and knowledge sharing.
• It emphasizes the need for national strategies and policy frameworks that integrate environmental, economic and social considerations.
• It recommends leveraging technology and public-private partnerships to support green finance and sustainable development.

Acknowledgements

The report acknowledges the contributions of numerous stakeholders, including financial regulators, practitioners and experts from developing countries, as well as the support from governments and international organizations such as the European Commission, the MAVA Foundation, and the Swiss Ministry of Finance.

Disclaimer

The designations and views expressed in the report do not imply any official stance of the UNEP. The report is intended to provide a summary of the concerns and actions of developing countries in the context of green finance.