bl-evolution : Sustainable Finance: what is the takeaway from the HLEG report?

 

 

The High-Level Expert Group on Sustainable Finance (HLEG), submitted its final report on sustainable finance on Wednesday 31 January. The 20-member group of experts from civil society, the financial sector and academia, established by the European Commission in December 2016, has released a series of recommendations setting out a comprehensive strategy on sustainable finance in the European Union.

 

The proposals will be integrated in the European financial policy framework in order to "speed up funding for a low-carbon and inclusive economy " and "to preserve the stability of the financial system by assessing potential risks such as climate change in the economy and finance," explains Christian Thimann, Chairman of the High-level Expert Group (HLEG). The document will serve as a roadmap for Brussels when it presents its plan of action to the Union of Capital Markets (UMC) in March 2018.

Main recommendations of the HLEG

 

The financial sector has a key role to play in achieving the set objectives of the Paris Agreement on climate change and the European Union’s 2030 Agenda for Sustainable Development. In the report, the HLEG lists the challenges facing the EU as it develops a sustainable finance policy.

 

It suggests, among other things, establishing a classification system, or a form of  "Taxonomy", to clarify the market on what is considered "sustainable", clarifying investor duties in helping to achieve a more sustainable financial system, upgrading disclosure by financial institutions and businesses on the ways in which sustainability is factored into their decision-making, developing a European label for green investment funds, integrating sustainability in the mandates of European supervision authorities (AES) and establishing a European standard for green bonds.

 

The HLEG also recommends supporting the growth of social enterprises and funding of projects on social issues, revaluing environmental and natural capital in economic and financial decisions, re-orienting agriculture to make it more sustainable for the economy, the environment and public health.

Recommendations on biodiversity

The evolution of B&L supports the HLEG’s proposals that fall in line with long term objectives especially regarding measures to promote biodiversity.

 

Our societies depend on various natural resources including renewable and non-renewable resources (water, land, air, biodiversity, forests, soils) which provide many "benefits" which are also known as ecosystem services. Human activity places tremendous pressure on biodiversity which is receding as the ecosystem deteriorates. Pollution (water, air…), wastage and overconsumption are examples of the unsustainable management of the natural resources on which our economies depend. Our ecological footprint exceeded global limits 2 decades ago.

 

To address these impacts, the HLEG recommends, for example, facilitating access to resources and fostering investments in these natural resources, encouraging sustainable infrastructure in Europe to include ongoing projects that provide solutions to  environmental challenges, supporting the development and use of methods to measure, draft and manage risks and opportunities in the framework of decision-making of financial institutions or exploring ways of using the framework to set general science based targets (SBTI).

 

Read more...

Go back

CBFP News

WWF: Rainforest deforestation more than doubled under cover of coronavirus -DW

Tropical rainforests shrank by 6,500 square kilometers in March — an area seven times the size of Berlin. Criminal groups are taking advantage of the pandemic and the unemployed are getting desperate, the WWF said.

Read more …

Nouabalé-Ndoki National Park Monthly update April 2020

"At a time when many countries are beginning their gradual deconfinement and when there is a glimmer of hope on the horizon of returning to normal life, I wanted to share with you some good news that also fills us with hope for the future of the Nouabalé-Ndoki National Park."

Read more …

Resources and follow-up from the virtual FAO-EcoAgriculture Partners Roundtable

Last April 30th FAO and EcoAgriculture Partners organized a virtual Roundtable on Territorial Perspectives for Development, in which over 170 people participated.

Read more …

ATIBT -CBFP: Private Sector mobilized around the CBFP Facilitator of the Federal Republic of Germany

ATIBT co-facilitated the mobilization of the private sector of the timber sector to participate in the first meeting of the private sector college of Congo Basin Forest Partnership with the new facilitator Dr Christian Ruck and his team German Facilitation.

Read more …

Development and institutionalization of a PAFC certification system for the Congo basin: opening of the second public consultation on Sustainable Forest Management Certification Standard, 23 May 2020 - 22 June 2020

This second public consultation will be open for a period of 30 days from tomorrow Saturday the 23rd of May 2020 and will be closed on Monday the 22nd of June 2020. The public consultation is open to all stakeholders of forest management in the Congo Basin interested in participating to the PAFC Congo Basin certification standards development process.

Read more …

Forest defenders on the COVID-19 frontline stand ready to assist the global EU response – Fern

These efforts go hand in hand with ensuring continued responsible management of natural resources and preventing unsustainably and illegally sourced forest commodities. In the Democratic Republic of Congo, forest-monitoring organisations Observatoire de la Gouvernance Forestière (OGF) and Réseau des observateurs indépendants des ressources naturelles (RENOI) are set to carry out COVID awareness-raising in at-risk forest areas, and will also assess COVID’s impact on forest management and governance commitments under the Central African Forest Initiative (CAFI). Across the Congo Basin, fears that a proper lack of oversight may put forests and forest peoples in danger are looming despite emerging initiatives.

Read more …

22 May 2020 International Day for Biological Diversity

The theme of the 2020 International Day for Biological Diversity is “Our Solutions are in Nature”. It shows that "Biodiversity remains the answer to a number of sustainable development challenges that we all face. From nature-based solutions to climate, to food and water security, and sustainable livelihoods, biodiversity remains the basis for a sustainable future."

Read more …

CBFP News Archive

2021

There are no news items for this period.