IFC Financial Institutions’ Post

Today, representatives of our Embassy were present at the International Perspectives on Sustainable Finance conference organised by ISO - International Organization for Standardization and Cyprus Organisation for Standardisation (CYS) 🏦 With the finance sector being one of the biggest sectors of the Cypriot economy, the country plays an important role in the global net zero transition. 🌍 It was inspiring to hear about the development of standards to underpin and catalyse green and sustainable finance. These standards will contribute to the transparency and credibility of green investments—an essential element of sustainable development. 🌱📈 Special thanks to members of the ISO Technical Committee 322 on Sustainable Finance, Joseph Noss, Franz Knecht, Dr Ana Nacvalovaite, Pedro Baiz, PhD, and Dr. Weilun Lao for sharing their insights, as well as to panellists Carsten Zielke, Dr., Kyriakos Parpounas, Nicolas Christodoulides. Ministerie van Buitenlandse Zaken #NLinCYP #SustainableFinance #NetZeroTransition #GreenFinance

Join Sumeet Thakur, IFC Global Head for Water, Cities, Waste & Circularity, and Paul Smoke, New York University Professor of Public Finance and Planning, as they delve into the complexities of subnational borrowing in emerging markets. They explore the importance of fiscal decentralization and how to unlock much-needed resources for sustainable development through subnational borrowing.🌍 Watch the full interview on YouTube ➡️ https://lnkd.in/d5rreHMb In this interview, they also discussed the main finding of the working paper “Fiscal Decentralization and Subnational Government Investment in Developing Countries” by Professor Paul Smoke and facilitated by IFC - International Finance Corporation. Read the paper here ➡ https://lnkd.in/deffkchP  #IFCCities #IFCInfrastructure #InfrastructureInvestment  

Ahead of the UN Summit of the Future on 22-23 September 2024, this is a must-read for anyone invested in global finance and sustainable development We are pleased to share a recently published In-depth Analysis that was written by Abdel Gwaindepi (DIIS - Danish Institute for International Studies) and Amin Karimu (University of Cape Town) and coordinated by TEPSA on the "Reform of the Global Financial Architecture (GFA) in Response to Global Challenges: How to Restore Debt Sustainability and Achieve SDGs?” This insightful research for the European Parliament addresses the urgent need for reforming the GFA to meet the financial demands of achieving all Sustainable Development Goals (SDGs) and climate targets. It highlights the necessity for equitable and just reforms, emphasising the perspectives of various stakeholders, including multilateral development banks, think tanks, and civil society organizations. The research calls for influential actors such as the EU to transition from rhetoric to action, promoting both incremental and fundamental reforms Read more here: https://lnkd.in/efzE52VS #GFAReform #DebtSustainability #ClimateAction #SustainableDevelopment #SDGs #Research4Impact

Should the architects of the Global Financial Architecture (GFA) be trusted to do their own homework and grade it themselves? Given the urgency and massive resources required to achieve the Sustainable Development Goals (#SDGs) by 2030, can incremental and ad-hoc reforms (status quo-plus) suffice? In this recent study requested by the European Parliament´s DEVE committee via TEPSA - Trans European Policy Studies Association, Amin Karimu and I provide an in-depth analysis of current reform proposals. Grateful for the opportunity to interview and get cutting-edge insights from experts from #MDBs, #ThinkTanks, #CSOs. #GFAReforms #DIIS.

A reminder / update on our Zoom webinar of May 2, 2024, is out now: Opportunities and Challenges in Climate and Energy in Latin America and the Caribbean – How IFC Fosters Private Sector Engagement. Income inequality in Latin America and the Caribbean remains high, despite significant progress the region has made in reducing poverty over the past few years. The World Bank Group’s IFC - International Finance Corporation works to foster inclusive growth, boost innovation, and strengthen regional integration. Energy and Climate is a key pillar of IFC's business in Latin America and the latter accounts for more than half of IFC’s new business in the region. IFC estimates that in the past 20 years, the region has lost approximately 1.7% of GDP every year due to weather-related disasters. Therefore, IFC is set to ramp up its climate and energy finance even more to support private sector investments in such a crucial sector. In fiscal year 2023, IFC delivered $1.8 billion of funding from its own account in climate finance and mobilized $3.3 billion from other investors. This webinar will introduce IFC’s offering to Swiss companies looking to invest in Latin America and the Caribbean, and to showcase project examples in the energy and climate space. See the panelists' details and register via the LATCAM website https://lnkd.in/dyQKbetU #latcamswitzerland #latinamerica #ifc #funding #investment #climate #energy #opportunities #changemaker

📚 Report of the week: Thematic bonds and how to deliver more sustainable finance in developing economies 💡 Check out UNDP's latest report on increasingly popular Sustainability-themed bonds, an instrument viewed as a way of delivering more, especially climate, finance in developing economies. 🌱 This paper by UNDP Development Futures Working Paper provides an overview of the market, discusses issuer incentives as well as some of the main challenges related to additionality and credibility. 🌍 To enhance thematic bonds for sustainable development, the paper suggests five key features for official sector models. These aim to reduce funding costs for green activities, improve market access, and boost credibility by reinforcing issuer commitments and incentivizing climate-friendly policies. 🔗 Read more here: https://lnkd.in/e4ajaATb #ThematicBonds #Development #SustainableFinance

: Nicolas Marquier of IFC - International Finance Corporation underscores Serbia's shift towards a greener economy, highlighting the integration of ESG practices in the financial sector. Learn how this transition is reshaping Serbia's approach to sustainable finance and business.   Read full interview at the link - https://lnkd.in/dayarTpY   IFC - International Finance Corporation #GreenAgenda #ESGFinance #ConnectRegion

The Canadian Credit Union Association (CCUA) has published its 2023 ESG report highlighting the significant contributions of Canada’s credit unions to the Canadian economy. Please read the full report here: https://lnkd.in/eHsgnpUN #ESG #CreditUnions #SustainableFinance #Environmental #Social #Governance #CreditUnionAdvantage #CreditUnionDifference #WorldCreditUnionDay #CreditUnions #CanadianCreditUnions #FinancialCoops #OneWorldThroughCooperativeFinance

Ian Smith, Head of Green Financial Systems - European Union, Western Balkans & Eastern Europe, EBRD, will be joining us in Panel II at the “𝐄𝐒𝐆 𝐟𝐨𝐫 𝐁𝐚𝐧𝐤𝐬, 𝐅𝐢𝐫𝐦𝐬 𝐚𝐧𝐝 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬: 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐬 𝐚𝐧𝐝 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬” conference co-organized by the Institute of Finance and Financial Regulation (IFFR) and EBRD.   📅 May 22nd 2024 | Panel starts at ⏰ 16.00 UK Time Click here to register 𝐟𝐨𝐫 𝐟𝐫𝐞𝐞: 👉 https://lnkd.in/daqGGWDc Ian Smith is Head of the EBRD Green Financial Systems team that covers EBRD operations in the European Union, Western Balkans & Eastern Europe. He delivers investment and policy support to the financial sector, to help identify and manage climate-related risks and opportunities. This helps accelerate low carbon and climate resilient financing, in alignment with the goals of the Paris Agreement, including on gender-responsive and inclusive climate action. Ian has a bachelor degree in chemical and energy resource engineering, and a master degree in energy and environmental economics. He has more than 25 years of experience in delivering climate-related investments and policies, 15 of those with the EBRD. #funds #investment #esg #esgcriteria #esgratings #environmental #social #governance #climate #sustainability #sustainable_finance #banks #investors #firm #corporates #policymakers #regulators #regulation #institutional_investors #greenfinance #media #Greenwashing #green_markets #sustainable_investment #regulation #online_conference #IFFR #conference #EBRD #reporting

As we look ahead to 2025, it is imperative that we continue to push for stronger data transparency practices and use ODA more strategically to de-risk investments and catalyse private finance for greater development outcomes. These were the main points I raised during the concluding remarks of the superb OECD CoP-PF4SD Meeting that took place last week in Paris. It is only through collaborative efforts and shared commitment that we can scale up investments and unlock the full potential of private finance for sustainable development.