EU and Several Countries Launch Global Platform on Sustainable Finance
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.
Related Links
Keywords: International, Europe, EU, Banking, Securities, Sustainable Finance, FAQ, IPSF, NGFS, Climate Change Risk, ESG, EC
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
OCC Publishes Guidelines for Requesting Approval of a Strategic PlanRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
