The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. UNEP FI works with more than 500 members – banks, insurers, and investors – and over 100 supporting institutions – to help create a financial sector that serves people and planet while delivering positive impacts. UNEP FI aims to inspire, inform and enable financial institutions to improve people’s quality of life without compromising that of future generations. By leveraging the UN’s role, UNEP FI accelerates sustainable finance.

United Nations Environment Programme Finance Initiative (UNEP FI)

More than 150 representatives from the Association of Central Banks of Latin America and the Caribbean (CEMLA), the Association of Supervisors of Banks of the Americas (ASBA), and regional governments joined the fourth Central Bank Conference on Environmental Risks in Mexico City last week.
 
Showcasing the pioneering work of policymakers in addressing pressing environmental challenges, participants discussed the development of regional taxonomies, the importance of interoperability between them, and the progress made to strengthen the regional sustainability market.
 
As we celebrate, let’s redouble our efforts to work together for a more sustainable finance landscape in Latin America and the Caribbean and everywhere.
 
Event hosted by UNEP FI, CEMLA, and EUROCLIMA.

illimity becomes the latest signatory to the UN Principles for #ResponsibleBanking, the world’s foremost framework for a sustainable banking system. Read more: https://ow.ly/Mbre50Qk7ly

Mark your calendars for the UNEP FI Regional Roundtable Latin America & Caribbean 2024 on January 30-31, 2024 in Bogota, Colombia. Join us to find out how you can contribute to accelerating sustainable finance action in the region. Register: https://ow.ly/jX7650Q2WVH #RRT2024

My last event at COP28 UAE was not the least. It involved some of the most vulnerable being left behind—#smallholderfarmers & #MSMEs in the Global South. 

Agriculture feeds 8 billion people & makes up 4% of GDP & 25% of emissions. Livelihoods of over 500 million smallholders are dependent on this sector. As countries design trade measures to address climate goals, their impacts on sectors must be understood. Many producers’ orgs, smallholder farmers, agri-MSMEs & rural communities are providing sustainable & inclusive solutions to transform food-agri systems but are vulnerable to climate impacts.

It's important that over 130 countries signed the “Declaration on Sustainable Agriculture, Resilient Food Systems & Climate Action” at #COP28 (https://lnkd.in/eprGWtjA)

Co-hosted by International Trade Centre #ITC, UN Environment Programme #UNEP & Fairtrade International, we discussed how #agroecology could guide the transition to inclusive, resilient & sustainable food & agri systems. 

Speakers: Owomuhangi Innocent, Tea farmer & Standards Officer, Kayonza Growers Tea Factory, Uganda; Sandra Uwera Murasa, Global CEO, Fairtrade International; Dinesh Prasad Parajuli, MD, Agri Enterprise Ctr, Fed'n of Nepalese Chambers of Commerce & Industries; josephine akia, Country Coordinator, Participatory Eco Land Use Mgt (PELUM Uganda); Mario Cerutti, Chief Institutional Relations & Sustainability Officer, Lavazza Group; & myself. Moderator: Hernan Manson, Head, Inclusive Agribusiness Systems, ITC

Thoughts I shared on how UNEP's work on #trade, #finance & #insurance can help: 
 
1. In the past 20 yrs, global trade in agri-products has more than tripled to $1.5 trillion in 2018 but the environmental footprint of the agri sector has been perpetuated by perverse public incentives. Gov'ts spend nearly $540 billion yearly on price incentives & fiscal subsidies, or 15% of total agri production value. Of this, 87% includes price distorting measures that harm the env't & human health. Such support could reach almost $1.8 trillion by 2030. #Repurposing #subsidies can transform & strengthen the resilience of food systems & freed-up fiscal space could finance nature-based solutions, social safety nets, R&D & infra investments for agri-goods & services & sustainable agri practices. 

2. Reg'l trade agreements, trade preferences & market access concessions on goods should encourage trade of #sustainable & #biotrade agri-products & services.
  
3. #Banks, #insurers & #exportcreditagencies should align their #tradefinance with #netzero: 80-90% of trade ops rely on trade finance. Members of UNEP net-zero finance initiatives are transitioning lending, insurance & investment portfolios to reduce emissions across sectors, including agri, energy & shipping. At COP28, UNEP launched the Net-Zero Export Credit Agencies Alliance.
  
4. UNEP's V20 #SustainableInsurance Facility is for MSMEs & a major opportunity to ensure that smallholder farmers & MSMEs are resilient & not left behind.

The Vulnerable Twenty Group of Ministers of Finance #V20 —originally 20 & now 68 climate-vulnerable nations in the Global South—has a combined population of 1.7 billion, 5% share of global emissions & GDP value of USD 3.8 trillion.

Micro, small & medium-sized enterprises #MSMEs are the backbone of V20 economies. They contribute 20%-70% of GDP & to export revenues, & make up over 80% of businesses. But MSMEs are constantly threatened by escalating climate risks. Insurance can enhance risk management, absorb financial shocks & de-risk cost-saving renewable energy & energy efficiency infrastructure.

At the V20 Asia-Pacific Meeting in Manila in 2017, I broached the idea of a world’s first vulnerable country-led insurance facility of its kind. Working together with the V20 & Munich Climate Insurance Initiative in the ensuing years, we announced at COP26 the operationalisation of the V20 #SustainableInsuranceFacility (V20-SIF)—a project pipeline development facility to assist V20 economies scope the financial protection needs of MSMEs & facilitate concept & proposal development for funding vehicles. A V20-SIF Office hosted by UN Environment Programme's Principles for Sustainable Insurance #PSI was then set up with funding from the German Ministry for Economic Cooperation & Development #BMZ, and we completed our global team of experts this year.

This is why at COP28 UAE, having developed a pipeline of projects spanning Africa, Asia-Pacific & Latin America & the Caribbean, we shared lessons in the V20-SIF journey to date.

For example, we believe that "demand aggregators"—such as banks, MFIs, digital platforms & agri-buyers—are key to insuring MSMEs that form part of supply chains & loan portfolios. MSMEs are highly vulnerable to climate risks, creating costs to larger companies (demand aggregators) that trade with and rely on MSMEs to produce or sell goods and/or repay loans. Demand aggregators’ financial performance is impacted by MSMEs’ risks & most want to offer insurance. But costs in serving MSMEs—whether via demand aggregators, brokers or insurers—is a major barrier & must reduce significantly.

The V20-SIF's goal is not to do more market diagnostics or pilots, but to understand key elements that work and can be replicated to scale & speed up insurance solutions that build #climateresilient MSMEs, in line with the underlying tenet of the #SDGs of leaving no one behind.

Sincere thanks to: 

Our #COP28 event speakers—my UNEP colleague, Brandon Mathews, V20-SIF Global Coordinator; SARA JANE A., V20 Finance Advisor; Liz Henderson (Liz H.), Head, Climate Risk Advisory & Catastrophe Analytics, Aon; & Viktoria Seifert, Director, Disaster Risk Finance & Parametrics, WTW. 

The rest of the V20-SIF team: Diana Rono Wainaina, Africa Coordinator; Manoj Pandey, Asia-Pacific Coordinator; Gabriel Pérez Salguera, Latin America & the Caribbean Coordinator; & Reace Novello, Communications Officer.

The Sri Lankan government for hosting our event.

Ahead of the annual #LeadershipCouncil meeting, check out our podcast to hear from the CEO of the African Risk Capacity Group and member of UNEP FI’s Leadership Council, Lindelwe Lesley Ndlovu, discuss how insurers can finance adaptation for a resilient future. Listen here: https://ow.ly/afYw50QiZuC

The new UN-convened #NetZero Export Credit Agencies Alliance is the first-of-its-kind alliance that gathers leading global #PublicFinance institutions to work toward more #SustainableTrade. 

Learn more at our website: https://ow.ly/g0np50QjciU

#Netzero & #naturepositive are two sides of the same coin, just like climate change #mitigation & #adaptation. 

Nature positive is a global goal defined as “halt & reverse nature loss by 2030 on a 2020 baseline & achieve full recovery by 2050”. It means ensuring more nature in the world in 2030 than in 2020 and continued recovery after that.

The science is clear. The world cannot reach net zero without becoming nature positive. Neither climate change nor biodiversity loss will be solved in isolation as they mutually reinforce each other & are interconnected. 

The science was reaffirmed by #JohanRockström, Director of PIK - Potsdam Institute for Climate Impact Research at the “Nature Positive for Climate Action” event I participated in at COP28 UAE, which was opened by Manuel Pulgar-Vidal, Nature Action Agenda Champion at UN Convention on Biological Diversity #CBD.

Some thoughts I shared during the panel moderated by Eva Zabey (Business for Nature) involving Angela Pinhati (Natura), José Pugas (JGP Asset Mgt), Rob Cameron (Nestlé) & myself.

1. Finance underpins the real economy. If the economy were net zero & nature positive, finance would be too. But it's not. Simplistically, financial flows—be it lending, insurance or investment—lead to emissions or emissions reduction & lead to nature-negative or nature-positive outcomes.

2. The net-zero finance train has left the station via #UNEPFI initiatives on banking, insurance & investment & the Glasgow Financial Alliance for Net Zero (GFANZ). At #COP28, the Net-Zero #ExportCreditAgencies Alliance was launched. These are important steps but there's a long way to go. Equally, #financialregulators who create the “rules of the game” must do their part in supporting the transition. 

3. The nature-positive finance train is quickly following. Building on the #TCFD & #ISSB climate disclosures, the Taskforce on Nature-related Financial Disclosures (TNFD) has been integral. UNEP FI is starting its TNFD #implementation programme for banks & insurers in 2024, after the TNFD pilots it did over the past years.

4. Mainstreaming TNFD #disclosures, embedding nature in #ESG #riskmanagement, developing nature #metrics & setting #targets for lending, insurance & investment portfolios, and integrating nature into climate #transitionplans are key to amplifying nature-positive finance.

5. The UN Principles for Sustainable Insurance #PSI is building on its nature work over the past decade—from tackling #IUUfishing, #environmentalpollution liability, #plasticpollution & high-impact #hydropower; to protecting UNESCO #WorldHeritageSites, building #climateresilience by protecting #ecosystems & including nature in the first #ESG guides for insurance. 

Read the PSI paper to advance #NaturePositiveInsurance: https://lnkd.in/eDGM5UCN

See PSI’s work on nature: https://lnkd.in/ew3FCpp6
See UNEP FI's work on nature: https://lnkd.in/eFyJmTDf

Support nature now: https://lnkd.in/eFqW2bPH

Fostering trust in sustainability-linked products and services is an essential prerequisite for reorienting the financing needed to drive the transition towards a #NetZero economy. Discover UNEP FI’s latest article on the importance of transparency in #SustainableFinance and the role of #policymakers in ensuring consistent and transparent sustainability disclosures.

https://ow.ly/lSTG50QiOWF

In partnership with the Principles for Responsible Investment, the Finance for Biodiversity Foundation and the European Business and Biodiversity Platform, our latest webinar ''Integrating climate and nature action: Unlocking the biodiversity-climate nexus'' was held yesterday.
 
Our panel of experts discussed the potential for synergies and trade-offs when integrating #nature into existing #climate frameworks and strategies and gave recommendations for #financial institutions to address the biodiversity and climate crises jointly. 
 
Watch the recording here: https://ow.ly/LyT050QiKCi

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Founded in 1992 in the context of the Earth Summit in Rio, and based in Geneva, Switzerland, the United Nations Environment Programme Finance Initiative (UNEP FI) was established as a platform associating the United Nations and the financial sector globally. The need for this unique United Nations partnership arose from the growing recognition of the links between finance and Environmental, Social and Governance (ESG) challenges, and the role financial institutions could play for a more sustainable world.

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A voluntary initiative based on CEO commitments to implement universal sustainability principles and to take steps to support UN goals.

United Nations Global Compact

An organization dedicated to promoting sustainable finance practices and principles within the financial sector.

Sustainable Finance Initiative

An investor initiative in partnership with UNEP FI, promoting the incorporation of environmental, social, and governance (ESG) issues into investment practices.

Principles for Responsible Investment (PRI)

UNEP FI is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. It works with more than 500 members – banks, insurers, and investors – and over 100 supporting institutions – to help create a financial sector that serves people and planet while delivering positive impacts.

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United Nations Environment Programme Finance Initiative (UNEP FI)