MIGA’s Post

Four years of "UN Principles for Responsible Banking" - a reason to celebrate! 🌍🎉 As a founding signatory of the UN Principles for Responsible Banking (UN PRB), Globalance is setting standards in the sustainable banking world. These principles have become a global benchmark for responsible banking, uniting banks in the fight against the most pressing challenges of our time. With 325 member banks in 80 countries, the United Nations Environment Programme Finance Initiative (UNEP FI) community now represents nearly 50% of global banking assets, underscoring the scale of this shared commitment. Learn more and read our PRB report: https://lnkd.in/eyD2aSgh #globalance #futuremover #responsiblebanking #PRBjourney #PRB4year

Today, the World Bank Group launched a single platform that unifies 20 guarantee products, revolutionizing risk management for private investors in emerging markets. This streamlined approach not only simplifies solutions but also introduces innovative guarantees to tackle global challenges like poverty, climate change, and food insecurity. By mobilizing private capital, the World Bank Group aims to scale the guarantee business to $20 billion or more by 2030. This is a major step towards a more sustainable and equitable future for all. #WorldBank #MIGA #guarantee #emergingmarkets #investment #poverty #climatechange #foodsecurity

In 2019, a partnership was forged between the United Nations Environment Programme Finance Initiative (UNEP FI) and 30 founding banks; the banks committed to aligning their business practices to the Sustainable Development Goals (SDGs), the Paris Agreement and other #sustainablefinance framework- this gave birth to the UN Principles for Responsible Banking that currently boasts over 300 signatories. The 6 principles...

The discussions were in line with the directives and vision of the UAE’s leadership, the strategic framework of the bank, as well as its objectives and priorities, which include improving the investment #climate, strengthening policies and institutions, sharing knowledge, technical support and advisory services in the field of public #debt and asset management, and developing innovative solutions for financial products - Ministry of Finance, UAE #GCC #sustainability #sustainabilitymiddleeast #sme

Three US Senators have sent a powerful letter to The World Bank President, urging the bank to: 📉 phase down fossil fuel investments, including indirect financing through intermediaries & policy-based lending 🌤 improve transparency & accountability in financing decisions 🔓 ensure direct access to the Loss & Damage fund for climate-affected communities In their letter to Ajay Banga, Senators Martin Heinrich, Ed Markey & Sheldon Whitehouse wrote: “While the World Bank committed to align its financial flows with the goals of the Paris Agreement in its Climate Change Action Plan 2021-2025, the Bank provided an average of $1.2 billion annually between 2020 and 2022 in direct fossil fuel finance. Although direct financing for fossil fuels has decreased over time, the Bank continues to provide indirect financing for fossil fuel projects through financial intermediaries, as well as technical assistance, policy-based operations, and trade finance.” “The Bank’s direct and indirect support for fossil fuel projects supercharges the climate crisis while decreasing lending capacity, leverage capital, and availability of climate financing for developing countries. The Bank must provide more transparency in fossil-fuel-project financing decision-making, including making its process public, in order for there to be needed accountability.” Read the full letter below 📩 #lossanddamage #climate #worldbank #springmeetings #WBGMeetings #EndFossilFinance!

Join us in urging the IFC - International Finance Corporation to disclose the Remedy and Responsible Exit Framework draft to ensure full transparency and deliver remedy to impacted communities. Read CSOs' statement here: https://lnkd.in/ehwDsqtG #TransparencyNow #Accountability #IFC #WorldBank #CommunityJustice

The role of finance is undoubtedly pivotal in shaping a sustainable future, and this fact has been recognized worldwide. What is currently needed is an acceleration of the pace of change. In Pakistan, financial institutions have been mandated by the State Bank of Pakistan to adhere to green banking guidelines since 2017, aligned with the goals of the COP 21 Paris Climate Agreement. However, mere intentions must be met with effective actions, as we no longer have the luxury of making mistakes that harm our environment. The figures in the illustration below need to be completely reversed, reflecting our commitment to positive impact and sustainability. #greenfinance #naturepositive #naturebasedsolutions #futureoffinance

👉 Banks' capital market activities are now integral to climate net-zero targets! 🏦 In a significant move forward, the Net-Zero Banking Alliance (NZBA) has updated its Guidelines for Climate Target Setting, expanding the scope of banks' net-zero targets to include capital market activities. This inclusion marks a pivotal change, recognizing the impact of the full spectrum of banking operations — lending, investing, and now capital markets — to banks' attributable greenhouse gas emissions. Read the full report 👉 https://bit.ly/3TAekRH #climate #netzero #decarbonization #climatefinance #finance #banking #nzba #gfanz

Land Bank is a founding signatory to the UNEP FI Principles for Responsible Banking (PRB). The PRB is a voluntary set of principles that define and affirm the banking industry’s role and responsibilities in shaping and financing a sustainable future. The PRB is aligned to the frameworks such as the Sustainable Development Goals(SDG) and the National Development Plan(NDP), which goes beyond sustainable finance and steer us towards long-term sustainability. These principles require us to be accountable to all stakeholders to develop society and preserve the environment.   Read more about Land Banks reporting on PRB https://lnkd.in/eJPgYbvH 

The reform of the #WorldBank remains unfinished business! There is an urgent need for 👉 accelerated governance reform 👉 shift away from focus on leveraging private financing 👉 mainstreaming of #HumanRights approach 👉 more #transparency & #accountability 👉 rapid phase-out of #fossil energy financing Read more in the GPF briefing: https://lnkd.in/erXsmf9U #SpringMeetings #cspf2024