The Banking Commission of the UN Environment Programme Finance Initiative (UNEP FI) launched a ‘Positive Impact Manifesto' at the Annual General Meeting of the Initiative, calling for a new financing paradigm that will benefit the economy, society and the environment.
The Manifesto laments the limited availability of private finance for clean, inclusive investments, despite efforts to promote and enable the financial sector's participation in funding the transition to a green economy.
13 October 2015: The Banking Commission of the UN Environment Programme Finance Initiative (UNEP FI) launched a ‘Positive Impact Manifesto’ at the Annual General Meeting of the Initiative, calling for a new financing paradigm that will benefit the economy, society and the environment. The Manifesto laments the limited availability of private finance for clean, inclusive investments, despite efforts to promote and enable the financial sector’s participation in funding the transition to a green economy.
The UNEP FI Banking Commission has established a Positive Impact working group that is working to address this challenge. The working group is made up of ten banks, including BMCE Bank, ING Bank, Nedbank, Piraeus Bank, Société Générale, SEB, Standard Bank, Triodos Bank, Westpac and YES Bank.
According to the Manifesto, Positive Impact Finance is “that which verifiably produces a positive impact on the economy, society or the environment once any potential negative impacts have been duly identified and mitigated.”
Séverin Cabannes, Société Générale, said the Manifesto shows the participating banks’ willingness to take on the challenges of evolving towards a more inclusive and greener economy.
In 2016, the working group aims to develop ‘Positive Impact Principles’ to guide providers of financial services, and establish a ‘Positive Impact Incubator’ to test new business models and financing approaches.
UNEP Executive Director Achim Steiner said banks have a critical role in the transition to an inclusive green economy, and that the Positive Impact Manifesto is “a clear and welcome call” for the banking sector to participate actively in addressing the US$5-7 trillion annual financing needed to achieve the Sustainable Development Goals (SDGs).
UNEP FI cites research estimating that US$1 trillion of annual additional investment is needed each year up to 2030, just to ensure that new infrastructure is made green.
UNEP FI is a partnership between UNEP and the global financial sector, which began after the 1992 Earth Summit in Rio de Janeiro, Brazil. The Initiative involves over 200 financial institutions, including banks, insurers and fund managers. Its Banking Commission includes all of the banks that participate in UNEP FI.
The UNEP FI Annual General Meeting is convening in Paris, France, on 12-13 October 2015. [UNEP Press Release] [Positive Impact Manifesto] [UNEP FI Website]