Green finance for Developing Countries: needs, concerns and innovations
Developing countries such as Kenya, Bangladesh and Jordan are leading the world on green finance, which is essential to meet the world's sustainable development aspirations, according to a new report from the Inquiry into the Design of a Sustainable Financial System. Released to coincide with the High-Level Political Forum on Sustainable Development in New York, the report, Green Finance and Non-G20 Developing Countries, captures progress being made by 13 countries across Africa, Asia and Central America. Today, there are numerous examples of developing countries showing strong leadership on green finance. This is extremely positive, as private capital will be a major contributor to delivering on the Sustainable Development Goals and climate commitments. In order to reach the US$5-7 trillion a year needed to implement the Sustainable Development Goals, the financial system must mobilize finance for specific sustainable development priorities and ensure sustainable development factors are included in financial decision-making. The report shows how developing countries are leading the world in taking these steps, highlighting the lessons that can be drawn from their leadership in aligning financial market development with national priorities and sustainable development.
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