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PROMOTING INCLUSIVE GREEN FINANCE INITIATIVES AND POLICIES
RECOMMENDATIONS THE FOLLOWING RECOMMENDATIONS WERE RECORDED FROM WORKING SESSIONS OF THE AFI IGF PROMOTION SUBGROUP FOR THIS REPORT
INTERNAL PROMOTION
PROMOTING COORDINATION
Catalysts, interdepartmental initiatives, internal capacity building and Centers of Excellence
Alignment with the national vision, interagency cooperation, financial sector strategies
> Don’t wait; time is of the essence. Consider your mandate, engage in dialogue and guide the narrative of green finance and financial inclusion topics in your jurisdiction.
> Don’t underestimate the benefits of getting stakeholders in the same room. There is much to learn and agreements can be reached.
> Manage a lack of resources and balance roles. Failure or delay in action may have greater cost implications in the long run than investing in new initiatives now. > Promotion is the first step. Raise awareness first, draft regulations later. > Develop an internal approach to IGF, understand the market failures and societal benefits of IGF and why action is needed from the regulator (start building internal capacities).
> Build consensus with other financial sector regulatory agencies and establish effective coordinating mechanisms. > Ensure alignment with national goals while developing an action plan or strategy. > Contribute to the global effort to implement the Paris Agreement and achieve climaterelated Sustainable Development Goals (SDGs)
PROMOTING TRANSPARENCY Evidence-based policymaking, standards and methods for monitoring > Policymaking should be publicly transparent. > Do not confuse disclosure with action (disclosure can demonstrate action). Simply passing disclosure requirements does not necessarily move the needle. > Consider global best practices. Much work has already been done and can be leveraged. > Adapt existing rules rather than making a parallel set of rules. > Benchmarks and a taxonomy are useful, but a scorecard can be even better.
Sustainable energy, wind turbine, China. (Photo by silkwayrain/iStock)
