Anti-globalists could have a field day with the new “Roadmap for a Sustainable Financial System” from the World Bank and UN Environment. The bankers and bureaucrats are aiming at nothing than a makeover of the global financial system, sustainably.
Undercutting criticism of the heavy hand of global government, however, is the extent to which capital markets themselves have led the global rotation of capital toward social and environmental value.
The audacious goal: a financial system that integrates sustainability into decision-making, fully accounts for both positive and negative externalities and allocates resources toward inclusive and sustainable initiatives.
The report calls for the private sector and market-led initiatives to make progress in four areas: addressing disclosure and methodology gaps, harnessing the power of financial technology, improving the capacity of investors to use sustainability data, as well as a call for investors to make sustainability central to their strategy, as opposed to a sideshow. At a national level, the report calls for the end of fossil fuels subsidies.
Read the full article by Jerome Tagger about financial sustainability from ImpactAlpha
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