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.
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