G20 leaders in China cite green finance options outlined in a report co-authored by Cambridge Judge PhD student Nina Andreeva.
This week’s G20 Summit in China, in recognising the importance of green finance, welcomed options advanced in a G20 Green Finance Study Group (GFSG) report co-authored by Cambridge Judge Business School PhD candidate, Nina Andreeva.
The report from the Centre for Sustainable Finance at the Cambridge Institute for Sustainability Leadership (CISL) looked at environmental risks. CISL was asked to serve as a Knowledge Partner to the G20 Green Finance Study Group.
Lead authors of the report – entitled “Environmental risk analysis by financial institutions – a review of global practice” – were Andrew Voysey, Director of the Centre for Sustainable Finance at CISL, and Nina Andreeva of Cambridge Judge.
The G20 summit in Hangzhou, China, marked the first time that G20 leaders referenced the importance of ‘greening’ the financial system in their communique. It provides seven voluntary options to overcome these challenges, including promoting international collaboration to facilitate cross-border investment in green bonds and facilitating knowledge-sharing on environmental and financial risks.
Mark Carney, Governor of the Bank of England and co-chair of the GFSG, said:
The adverse effects of climate change threaten economic resilience, growth and financial stability. Given the scale of the investment capital needed, financial markets are best placed to finance the transition to a low carbon economy. So the work of the Green Finance Study Group is critical in identifying options to address institutional and market barriers to bringing green finance into the mainstream.