The International Energy Agency estimates that $53 trillion is needed to achieve the Paris Agreement and keep global warming below 2 degrees. A separate analysis suggests that $5-7 trillion is required to meet the United Nations Sustainable Development Goals by 2030. While advanced economies are close to meeting these requirements, there is a funding gap of around $2.5 trillion in emerging and developing countries, with $1.3 trillion of that in Africa alone.
Can finance be part of the solution? I believe it can.
Impact investing is on the up – but more is needed
Blue bonds for a blue economy
The prize is substantial
The vision of all of us active in sustainable finance is to bring together both the private and public sector to replicate the successes we have seen in, for example, green bonds to help tackle areas such as blue finance. The prize is a substantial one: filling the finance gap where it is needed most, while also providing sustainable returns to investors, so that finance can be part of the solution to put the world’s economy on a more sustainable footing.
About the Author
Based in London, Daniel's responsibilities include the Bank-wide Sustainable Finance strategy, developing new products and solutions, further incorporating environmental, social and governance considerations into banking decisions, and identifying sustainable finance opportunities for clients. His responsibilities also include the Bank's Environmental and Social Risk Management team. Daniel is a member of the Sustainable Development Investment Partnership and the City of London Sustainable Development Capital Initiative steering groups. He also established and ran the UK India CEO Forum under the sponsorship of Prime Ministers David Cameron and Manmohan Singh, and previously worked as a visiting Fellow for Chatham House and the President of the European Parliament. He has a Masters in Business Administration from London Business School, a Certificate d’Etudes European from Science Po Strasbourg and a BA in economics and politics from Exeter University.
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