Sep 20, 2015
On 8th October, 14.30 Lima time, the global report of the UNEP Inquiry will be launched at the IMF/World Bank Annual Meetings. Its been a journey, kicked off on the 26th January 2014 at the World Economic Forum in Davos. Twenty months later, we have completed deep dives in upwards of 15 countries, hosted, co-hosted and participated in over 100 events, and have more than 50 working papers in the pipeline (many already published) together with upwards of 45 partners from central banks and regulators to research institutes and think tanks, credit rating agencies and many financial institutions and business associations.
Our mandate was to examine how financial and capital markets could be better aligned with sustainable development outcomes. Not surprisingly, perhaps, many folks suggested that such an exercise, whilst fascinating, would ultimately be wasted energy, pointing to the challenges in successfully landing policies and regulations in the wake of the financial crisis that would even fix the basics.
Well, they were dead wrong (although I did not know that at the time). What we discovered was a “quiet revolution”, led by developing market central banks and regulators, and some developed country actors, making moves to embed environmental and social considerations into the fabric of the financial system. Amazingly, this landscape of innovations had never before been mapped, and the Inquiry has had the opportunity to go further in extracting patterns and make suggestions for action.
Over the next weeks in the run up to the launch of the global report; I will scribe a number of blogs that layout what I think are some of the most interesting elements of what we have found, hope you enjoy them.