Description

Green financing is a growing concept worldwide. It has grown by leaps and bounds in recent years, providing public well-being and social equity while reducing environmental risks and improving ecological integrity. The global interest in green energy finance is increasing at a rapid pace. During the past few years, green finance has gained increasing relevance, mainly due to the urgency of financing climate change mitigation and adaptation efforts, and the scale of sustainable development projects around the world. The impetus has been provided by three major agreements adopt ed in 2015: the Paris Agreement on climate change; a new set of 17 sustainable development goals (SDGs); and the ‘financing for development’ package. The implementa tion of these agreements is strongly dependent on finance and, realizing its importance, the G20 nations established the Green Finance Study Group (GFSG) in February 2016, co-chaired by China and the U.K., with the UNEP serving as secretariat.