Jocelyne Jabbour’s Post

Several years ago, while in a previous job, I had the privilege of serving as an observer to the Network for Greening the Financial System (NGFS) during its foundational years. It was a very exciting moment to see central banks and financial supervisors from around the world pooling their knowledge and insights to mainstream #climatechange into the way that the financial system operates. So it is therefore especially exciting to see the NGFS's Conceptual Note on Adaptation launched at COP29 Azerbaijan, bringing #climateadaptation and #climateresilience into the heart of the debate about greening the financial system. This provides an urgently needed blueprint for how countries - including climate-vulnerable countries - can manage their financial systems in ways that support their climate resilient development, while ensuring financial stability. Physical climate risk assessment and disclosure is a vital starting point, but is only the beginning of the journey. Better information flows about the benefits and costs of adaptation actions, clearer definitions of adaptation and resilience finance, and supportive enabling environments to help markets manage those physical climate risks and build resilience to climate change impacts, are also needed. Congratulations to the NGFS Secretariat and co-chairs Australian Prudential Regulation Authority and National Bank of Rwanda (NBR) on this important contribution. #sustainablefinance #greenfinance #climateaction

Exclusive: UN-Backed Bank Group Seeks To Avoid Departures With New Climate Guideline A United Nations-backed alliance of banks is proposing its members disclose more information on their commitments to tackle climate change without requiring them to coordinate action, in a compromise it hopes will prevent departures, according to people familiar with the matter. The Net-Zero Banking Alliance (NZBA), whose 143 members oversee $74 trillion in capital, is trying to remain intact as attacks by some U.S. politicians and investors against environmental, social and corporate governance (ESG) policies test the resolve of banks to stay as members. The new guidelines cover how banks track emissions linked to activities such as dealmaking and bond issuance, and how they engage with corporate clients on their energy transition plans, the sources said. The overall effect of the updated guidelines would be to increase disclosures from banks on climate change without compelling them to specific action, the sources added. #netzerobankingalliance #unitednations #climateaction #esg https://lnkd.in/epVABm8R 

Our Prudential Authority is being led by a powerful & inspirational woman.

#Winnam - Nearly 60 per cent of banks allocate less than 5 per cent of their lending to climate-related investments, while over 25 per cent do not offer any climate financing options at all in Emerging Market and Developing Economies (EMDEs). A new World Bank report released yesterday described the limited climate financing of banks in developing economies as a significant concern, making them unlike in advanced economies where the financial sector is more diverse and resilient. https://lnkd.in/dUPfSYZ2

#UrbanClimateFinance | As leaders gather for the Spring Meetings of the World Bank/IMF, it's important to remember the role cities play in tackling climate change.   Multilateral Development Banks (MDBs) can mobilize capital in both domestic and international markets, to potentially bridge gaps where #private investors face obstacles.   📈 This Cities Climate Finance Leadership Alliance (CCFLA) deep-dive analysis identifies five reform areas to increase the volume and effectiveness of urban climate finance, in line with ongoing #MDB reform direction agendas.   Read it now: https://lnkd.in/dJJU8cGA

Public banks can do more than you think ... 'Policymakers should repurpose public banks to work together globally and nationally so climate finance can be policy-driven and public rather than profit-driven and private, Marois says.' https://lnkd.in/eQwf7gYW McMaster University McMaster Faculty of Social Sciences Climate Policy Initiative Finance In Common UNDP UN Trade and Development (UNCTAD) BONNY IBHAWOH CEB - Council of Europe Development Bank #pdbs #publicdevelopmentbanks

A recent blog from the The World Bank argues that #inclusivefinance must be central to #climateresponse. #FinancialServices, it argues, are a critical enabler for #climateaction. Why? ✔ #Banking via savings and credit equips people to invest in cleaner technologies, adopt more sustainable practices, and build resilient livelihoods. ✔ Remittances and government payments are crucial in helping households through #climateshocks and to avoid negative coping mechanisms. ✔ #Insurance strengthens risk management and helps affected people rebuild their lives after a crisis.  ✖ Without access to finance, people affected by #climatechange cannot adequately anticipate, confront, and recover from climate shocks, nor can they adapt to increase their resilience and improve their livelihoods. Andy Symington Laura Osmetti Sarah Minahan

MDBs (The World Bank) and IFIs are not fit to be part of the climate finance solution. This Global Week of Action, we’re demanding reform: 1. An end to funding for fossil fuels and false solutions 2. An end to the unjust and neocolonial 'debt-fossil-fuel-nexus' 3. Democracy, accountability, inclusion, and transparency IFIs and MDBs must up their game for climate justice. Read our new blog 🔗 https://lnkd.in/e9MNPPx4 #StopFundingFossils #DebtJustice #PayUp #PeopleOverProfit

📢 Banks dominate the financial sector in developing economies, yet they still struggle to tackle climate-related risks and bridge climate finance gaps. ➡ Green lending is not yet on the radar screen of banks: - 60% of banks allocate less than 5% of their lending to green; and - 30% of banks provide no climate finance at all. ➡ Banking authorities are making good progress, but it is still early days: - they are strengthening their supervisory approach and guidance to the industry; - they are experimenting with tools like directed lending and green financing facilities; and - they are enhancing climate disclosure, data, modeling, and green taxonomies. ➡ Authorities should be careful to avoid unintended consequences, including: - “greenwashing”; and - undue interference with their primary mandates. So what can banking authorities do? Read about it in our latest blog:

The United Nations Environment Programme Finance Initiative (UNEP FI) has released new guidelines on #Climate #TargetSetting for #banks. Some key highlights on changes include: These new guidelines support climate action through the use of science-based scenarios, broader inclusion of activities in the commitments, and stronger disclosure and accountability mechanisms. ✅ Inclusion of capital market activities in the updated version expands the scope of targets significantly. For some banks, capital markets arranging and underwriting services provided to clients in the issuance of new debt and equity instruments are their largest source of attributable greenhouse gas emissions. ✅ Clarified expectations on disclosures around the coverage of targets. Asking banks to disclose what share of the financing in a sector or portfolio a target covers helps stakeholders better understand how they are managing the emissions attributed to their business activities. ✅ Other updates improve the depth of disclosures and will help banks to provide clearer, more comparable information to investors and other stakeholders. Updates build on the previous version of the Guidelines and ensure the new one reflects improvements in regulation, data, and methodologies over the last three years. They include updated guidelines around how to approach stakeholder engagement, and transition planning. https://lnkd.in/e4iqeGwR)