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Overview of global and European institutional sustainable finances initiatives

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  • Clara Isabel González Martínez

Abstract

To contribute to the fight against climate change and achieve a carbon-neutral economy, a large volume of funds must be mobilised to finance the necessary investment. The international financial system will play a key role in this process to channel the financing, but considerable changes will be needed to develop sustainable financing that is sufficiently standardised and transparent to ensure the efficient allocation of funds to activities identified as sustainable. Since the Paris Agreement and the 2030 Agenda were signed in 2015, work has been undertaken in this respect in various spheres, by the G20, the United Nations, the European Commission and central banks, and also in the financial sector. This article describes the main – public and private – institutional initiatives under way at the global and the European level to achieve the transition needed to address climate change.

Suggested Citation

  • Clara Isabel González Martínez, 2021. "Overview of global and European institutional sustainable finances initiatives," Economic Bulletin, Banco de España, issue 3/2021.
    • Handle: RePEc:bde:journl:y:2021:i:03:d:aa:n:30
    Note: Analytical Articles
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/21/T3/Files/be2103-art30e.pdf
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    References listed on IDEAS

    as
    1. Andrés Alonso & José Manuel Marqués, 2019. "Financial innovation for a sustainable economy," Occasional Papers 1916, Banco de España.
    2. Ricardo Gimeno & Fernando Sols, 2020. "Incorporating sustainability factors into asset management," Revista de Estabilidad Financiera, Banco de España, issue Autumn.
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    Cited by:

    1. Tao, Hu & Zhuang, Shan & Xue, Rui & Cao, Wei & Tian, Jinfang & Shan, Yuli, 2022. "Environmental Finance: An Interdisciplinary Review," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    2. Małgorzata Janicka & Artur Sajnóg, 2022. "The ESG Reporting of EU Public Companies—Does the Company’s Capitalisation Matter?," Sustainability, MDPI, vol. 14(7), pages 1-17, April.

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    More about this item

    Keywords

    climate change; sustainable finance; institutional initiatives; financial sector.;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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