A new UNEP report shows how to harness the assets of the world’s financial system for sustainability.

Among the findings in ‘The financial system we need’ report is that a “quiet revolution” is underway as financial policymakers and regulators seek to ensure that financial systems take sustainable development considerations into account.

Momentum for the change is largely seen to be driven by developing and emerging nations such as Kenya and Brazil, while developed country champions include France and the UK.

The Inquiry has “for the first time compiled and analysed inspiring initiatives from across the world that seek to better align the financial system with sustainable development,” said UNEP Executive Director Achim Steiner, adding that the research shows “there is much to be learnt from the developing world”.

“We now need to raise the level of ambition and cooperation to ensure that [the financial system] can evolve to serve its core purpose of growing and sustaining the real economy,” he underlined.

National and international actions could amplify best practices and channel private capital to finance the transition to an inclusive, green economy and support the realisation of the UN Sustainable Development Goals.

The report “should be a very useful guide and reference for many governments, financial institutions and international organisations in thinking about how to advance green finance," agreed Yi Gang, Deputy Governor of the People’s Bank of China.

Following two years of research in 15 countries, over 100 measures already in place are uncovered, including new disclosure requirements on climate change introduced for institutional investors in France and mobile-based payment services in Kenya as a means of promoting financial inclusion.

The Inquiry was released at the International Monetary Fund and World Bank Annual Meetings in Lima, Peru on 8 October. It includes a toolbox of measures, a set of policy packages and a prioritized set of 10 next steps to promote international financial cooperation.

For more information please write to chiara.moroni@unep.org