Synthesis report on the greening of the financial system
The global imperative to tackle climate change has never been more crucial. Lowering greenhouse gas (GHG) emissions and the pursuit of climate-resilient development are key to address the growing costs of climate change. Recent analysis by the World Meteorological Organization found that there is a high likelihood the world will breach the 1.5°C temperature threshold by 2030 (WMO, 2023). This would exacerbate multiple climate hazards, posing numerous risks to people, ecosystems, and the economy. The financial sector plays a critical role in the transition to decarbonized economies, contributing to the realization of the Paris Agreement’s objectives by directing its operations and investments towards supporting the global shift to a decarbonized, climate-resilient economy. This report, prepared for the 29th Conference of the Parties to the Paris Agreement (COP29), aims to synthesize critical data points, strategic insights and progress on the greening of the financial system and the alignment of the financial sector with global climate goals. By examining the readiness of financial institutions and regulatory bodies for a decarbonised future, this report provides an overview of the current status of the greening of the financial system, highlights gaps and challenges, and proposes actionable recommendations for different financial actors to progress towards a greener f inancial system. The report is a collective effort, building on knowledge and data from NGFS members, observers, and knowledge partners. A number of initiatives have aimed to assess the state of climate finance adopting a plurality of approaches, be it by focusing on the global, regional, or local scale, or on the sources and destinations of climate finance. However, the dispersion of initiatives makes it difficult to provide a holistic and up to date view on the state of green finance. With this report, the NGFS aims to leverage its convening power to compile and synthesize the latest data and insights from the publications of the NGFS5, the IMF, the OECD, the World Bank, as well as available evidence from the Climate Policy Initiative (CPI) and the World Wildlife Fund (WWF) as knowledge partners.
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