World finance must flow towards low carbon infrastructure, G20 ministers told

(EurActiv, 9 Oct 2015) Focusing development and traditional finance towards low carbon energy efficient infrastructure will fight climate change, help the world meet sustainability targets and boost global economic productivity, the world’s finance ministers have been told.

The transition to a more sustainable economy can only be achieved by mobilising more of the world’s capital towards climate action, according to a report published by the United Nations Environment Programme on Thursday (8 October)

But too much money was still backing high carbon and resource intensive projects. Rules and incentives in financial markets worldwide can discourage sustainable investment, UNEP warned yesterday.

The World Bank Group and International Monetary Fund (IMF) are holding its joint annual meeting in Lima. It is attended by the world’s finance ministers and central bankers.

UNEP wants changes to the design of the global financial system, including the actions of regulators, governments, and stock exchanges, to boost investment in infrastructure and slow environmental destruction.

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EurActiv, 9 Oct 2015: World finance must flow towards low carbon infrastructure, G20 ministers told