COP 23- G20 committed to climate finance- Report
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COP 23- G20 committed to climate finance- Report

COP 23- G20 committed to climate finance- UNEP Report A new UN Environment research released recently explained that the G20 and other nations have taken huge strides over the last year towards mobilizing the trillions of dollars of public and private capital needed to make sustainable development and climate action a reality. Explanations. By Houmi Ahamed-Mikidache 18-07-2017   A new UN Environment research released recently explained that the G20 and other nations have taken huge strides over the last year towards mobilizing the trillions of dollars of public and private capital needed to make sustainable development and climate action a reality. “The world has committed to creating a better future for people and planet. But we will not be able to achieve our sustainable vision without the global financial system using its capital to fuel the transformation,” said Erik Solheim, head of UN Environment.   The investment required to bring sustainable development in developing countries was short US$2.5 trillion each year, with as much as ten times that needed globally in the years to come – mainly from private sources, UN Conference on Trade and Development research from 2015 showed, explained the study. The UN Environment Inquiry into the Design of a Sustainable Financial System’s Green Finance Progress Report – a contribution to the G20’s Green Finance Study Group (GFSG) – finds dozens of encouraging policies and financial product developments that show the public and private sectors are committed to find solutions, recalled the experts of the report. “This new research from UN Environment, a contribution to the G20 Green Finance Study Group, shows encouraging progress in this regard. From a record number of new green finance measures to ambitious plans for green finance hubs, we are seeing the smart money move to green financing, ” said Mr Solheim. Highlights from the report Based on the G20 Green Finance Synthesis Report, adopted at the G20 Leaders’ Summit in Hangzhou in September 2016, leaders are committed to accelerate and set out seven options identified to  mobilize  green finance. Over the last year, considerable progress has been made against these seven options by all G20 members, and the international community, in increasingly systemic national action, greater international cooperation, and increased market leadership, according to the research. More measures related to green finance have been introduced since June 2016 compared with any other one-year period since 2000. The trends and measures have resulted in increased flows of green finance, most notably in the issuance of green bonds, which grew by around 100 per cent to US$81 billion in 2016. Examples of specific country action include: ·         India: The Securities and Exchange Board of India (SEBI) issued disclosure...

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