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Banks, UN set standards on channelling investments for sustainable development
January 31, 2017
Banks, UN set standards on channelling investments for sustainable development
31 January 2017 – Nearly 20 leading global banks and investors, totalling $6.6 trillion in assets, have launched a United Nations-backed global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects.
The Principles for Positive Impact Finance – a first of its kind set of criteria for investments to be considered sustainable – provide financiers and investors with a global framework applicable across their different business lines, including retail and wholesale lending, corporate and investment lending and asset management.
“Achieving the Sustainable Development Goals (SDGs) – the global action plan to end poverty, combat climate change and protect the environment - is expected to cost $5 to $7 trillion every year through 2030,” said the head of the UN Environment Finance Initiative, Eric Usher, in a press release.
The UN Environment Finance Initiative is a partnership between the UN Environment Programme (UNEP) and the global financial sector created in the wake of the 1992 UN Conference on Environment and Development, widely known as the Earth Summit, with a mission to promote sustainable finance. Over 200 financial institutions, including banks, insurers and fund managers, work with UN Environment to understand today’s environmental challenges, why they matter to finance, and how to actively participate in addressing them.
Read more at UN News Centre.
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