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    EU and Several Countries Launch Global Platform on Sustainable Finance

    October 18, 2019

    EU launched the International Platform on Sustainable Finance (IPSF), along with the relevant authorities from Argentina, Canada, Chile, China, India, Kenya, and Morocco. Valdis Dombrovskis, Vice-President for the Euro and Social Dialog, also in charge of Financial Stability, Financial Services and Capital Markets Union, will introduce the newly created platform in the presence of Kristalina Georgieva, Managing Director of IMF, along with the IPSF members' and observers' representatives, at the IMF and World Bank Group Annual Meetings, in Washington D.C. This initiative is part of the international efforts to meet the Paris Agreement commitments. EC also published a joint statement and frequently asked questions (FAQs), along with the remarks of Valdis Dombrovskis on the launch of IPSF.

    To reach the Paris targets, trillions of investments in sustainable infrastructure will be needed over the next decades. For Europe alone, additional financing in the range of EUR 175 and 290 billion per year will be necessary. The launch of this Platform is essential to stimulate investment and redirect capital flows toward the climate objectives at the scale required for the most important economic transition. The IPSF will act as a forum for facilitating exchanges and, where relevant, coordinating efforts on initiatives and approaches to environmentally sustainable finance, while respecting national and regional contexts. It will focus on environmentally sustainable initiatives in the areas of taxonomies, disclosures, standards, and labels, all issues that are fundamental for investors to identify and seize green investment opportunities worldwide. The IPSF is supported by the Coalition of Finance Ministers for Climate Action, the European Bank for Reconstruction and Development, the European Investment Bank, the International Organization of Securities Commissions, the Network for Greening the Financial System, the Organization for Economic Co-operation and Development, and the United Nations Environment Program—Finance Initiative, in their role of observers.

     

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    Keywords: International, Europe, EU, Banking, Securities, Sustainable Finance, FAQ, IPSF, NGFS, Climate Change Risk, ESG, EC

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