The UNEP Inquiry into the Design of a Sustainable Financial System Initiative has published a new report focusing on achieving this at EU level.

The EU has been the source of innovation on green bonds and risks linked to climate change.

In light of new-found momentum on Member State as well as Union levels, it is now important to develop an EU Strategy for Sustainable Finance. This will not only support long-term economic and environmental goals, but will also boost international competitiveness and advance the EU’s international strategic role in financial cooperation.

The UNEP Inquiry report, titled ‘Building a Sustainable Financial System in the European Union,’ presents an overview of actions under way at European level and in selected Member States to align the rules governing the financial system with environmental sustainability.

“Europe has long been a leader in sustainable finance,” comments UNEP’s Executive Director Achim Steiner in an opinion article in Euractiv, but “now the stakes are higher. Locally, there is an urgent need to channel capital into sustainable infrastructure and innovation that will drive job creation. The global dynamics have also shifted, with countries such as China seeing this as a strategic dimension of the next phase of its development. The race is on,” he underlined.

To find more reports and case studies, visit the UNEP Inquiry publications webpage by clicking here.

For more information please write to alexa.froger@unep.org