The Brookings Institution report identifies strategies designed to shift the global flow of capital away from unsustainable sectors and towards investments that generate positive externalities in addition to economic growth, namely social inclusion and environmental protection.
“Sustainable finance is not only about increasing investments through new funding streams, it is also about finding ways to reorient the world’s existing financing streams to be consistent with multiple SDGs at once,” said the authors of the report, Homi Kharas and John McArthur.
The event at the United Nations HQ in New York during the UN General Debate lunch break provided an opportunity for participants from governments, the private sector, think tanks, philanthropies and academia to exchange views on what will be needed to mobilize the financial resources necessary to implement the 2030 Agenda for Sustainable Development.
In his opening remarks, Mr Thomson emphasized the importance of strong engagement from all stakeholders.
“We must devise a regulatory system, at both the national and international levels, including an adequate incentive structure, that will make inclusive, sustainable investments also the most profitable investments,” he said.
One of the participants, Mark Wilson, the CEO of Aviva, commented: “It is enlightened self-interest that determines why business will act sustainably. If business isn’t sustainable then society is at risk. And if society isn’t sustainable then business is at risk. I welcome the report from the Brookings Institution and the leadership shown by the President of the General Assembly. Aviva looks forward to helping to deliver the recommendations contained within it.”
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