UNEP FI Global Roundtable Calls for Incentives for Private Finance
20 October 2011: The UN Environment Programme Finance Initiative's (UNEP FI) Global Roundtable, the first in a series of agenda-setting and action-oriented discussions on the private sector's increasing role in global environmental protection in the lead-up to the UN Conference on Sustainable Development (UNCSD, or Rio+20), concluded with calls for reform of the global financial system.
Convened from 19-20 October 2011, in Washington DC, US, the Global Roundtable, titled "The Tipping Point: Sustained Stability in the Next Economy," aimed to identify sustainable solutions to address market volatility and the deepening rift between the rich and the poor. According to UNEP FI, recommendations included implementing policies to mobilize investment at scale by the banking and investment sectors into emerging industries associated with sustainability. These include the clean energy sector, renewable energy, green buildings and retrofitting, clean vehicles and fuels.
UNEP FI reported that participants called for incentives for private finance aimed at ensuring it plays an essential role in spurring economic recovery, resulting in increased job creation in green technology, ecosystem management, and other sectors.
During the Roundtable, UNEP FI launched a publication titled “Guide to Banking and Sustainability.” The guide includes a clause-by-clause explanation of the UNEP Statement of Commitment by Financial Institutions on Sustainable Development, providing guidance to banking institutions on applying these commitments in day-to-day operations. [UNEP FI Press Release] [UNEP FI Press Release on Guide to Banking and Sustainability] [UN Press Release] [Website of Global Roundtable]