My contribution as lead expert on Sustainable Development Finance to the UN DPI NGO Conference -2015 and Beyond (27-29th August)
To those of you who have taken an interest in my comments on the UN Committee of Experts on Sustainable Development Finance - these are what I think the report should have had in it and which are the contribution i have made to the UN DPI NGO Declaration Draft.
Financing for Sustainable Development
By 2020 Governments to amend the Santiago Principles on Sovereign Wealth Funds to include sustainable development criteria.
By 2020 Governments to require that the Credit Rating Agencies should have sustainable development criteria built into their ratings.
By 2025 Governments to set up an International Credit Rating Agency (ICRA) under the World Bank as an alternative to private rating services and this should be built on sustainable development criteria that take consideration of future generation’s needs as well as present ones.
By 2020 Governments to set up Green Banks to enable national support for environmental investment on a large scale, especially capital intensive green infrastructure, like wind and solar energy
By 2020 Governments to establishment a new financial mechanism “Earth Bonds” under the World Bank to enable the investment community with tax deductions offer by governments on investments in the “Earth Bonds.” Capital realized through the sale of Earth Bonds would be used to finance sustainable development projects for which those in the least developed countries would have priority.
By 2020 Governments to require Stock Exchanges to have as a requirement of listing that companies ‘Report or Explain’ on their sustainability. This would include sustainability reporting based on the Global Reporting Initiative and the development of a published sustainability strategy.
By 2020 Governments to require Stock Exchanges to publish the amount of carbon that is register by listed companies and by 2025 to set CO2 reduction targets for Exchanges in line with UNFCCC requirements for countries.
By 2020 Governments to require any Foreign Direct Investment (FDI) to have a Sustainability Assessment Report produced.
By 2020 Governments to pass legislation to help the establishment s of financial services for the poor, including through microfinance institutions, cooperative banks, postal banks and savings banks.
By 2020 Governments to pass legislation to enable local and sub national governments to issue green bonds as a vehicle for supporting environmental investment on a large scale, especially capital intensive green infrastructure, like wind and solar energy.
By 2020 Governments to pass legislation to enable local and sub-national governments to add sustainability criteria to their procurement policies.
By 2020 International Financial Institutions (IFIs) should be required to produce an annual sustainability audit of the projects they are funding with the aim of ensuring none do any sustainability damage.
By 2020 Governments should set up an International Financial Transaction Tax whose funds would be used for domestic and international support for delivering the Sustainable Development Goals.