Mainstreaming Green Finance: From ‘Not Yet’ to ‘Net Zero’

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Mainstreaming Green Finance: From ‘Not Yet’ to ‘Net Zero’

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Emerging market and developing economies (EMDEs) face an immense challenge in mobilizing climate finance. With public spending severely limited, the financial sector – which represents hundreds and trillions of dollars in assets – can and must play a key role in transforming the real economy toward green growth. At the same time, the sector also needs to build up resilience, as its role as an enabler for economic development could be at risk from climate impacts. The agenda to green financial systems is gaining momentum globally, with growing interest from standard setting bodies and financial sector regulators.

The Network for Greening the Financial System (NGFS), a network of central banks and supervisors dedicated to accelerating development of green finance and exploring central banks’ role in the climate agenda, has grown more than ten-fold in four years to 98 members and 16 observers. The World Bank is also supporting more than 50 countries in implementing policy and regulatory reforms to green financial systems. Moving forward, it is imperative to strengthen international standards and practices for green finance and climate risk management. We also need to ensure that these global initiatives do not create unintended barriers for EMDEs to access the capital needed to make the transition to a low-carbon economy.

A day after COP26’s dedicated day for finance, WBG is hosting this fireside chat with Banque de France (BdF), the secretariat of NGFS, and Bank Negara Malaysia to explore these issues further and discuss how the financial sector can contribute to countries’, particularly EMDEs’, climate and development goals.

* For technical reasons, COP26 events are expected to start approximately 15 minutes later than the set time, as we are broadcasting live from Glasgow.

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The World Bank Group at COP26

As COP26 takes place in Glasgow, UK, the clock is ticking for high-impact climate action to deliver on the promises of the Paris Agreement. World leaders and national delegations, representatives from businesses, civil society and youth are gathering to tackle the climate crisis. See the full program.

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