UN’s Ten Principles For Bridging Finance Gap
Source: UNESCAP
GS II: Important International institutions, agencies and fora- their structure, mandate
Overview
- News in Brief
- What are the UN’s Ten Principles For Bridging the Finance Gap?
Why in the News?
The Sustainable Finance: Bridging the Gap in Asia and the Pacific report puts forward ten principles for action for policymakers, regulators and private finance.
News in Brief
- A new report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) highlights the urgent issue of sustainable finance in the region.
- Also discusses the challenges and opportunities for policymakers, regulators and private finance in bridging this gap.
- Only 17 of the 51 Asia-Pacific countries party to the UNFCCC have assessed and reported their financial needs to meet their Nationally Determined Contributions (NDCs).
- Only seven have broken down financial needs between adaptation and mitigation.
- Average economic losses resulting from disaster-related and other natural hazards in the region are forecast to increase to $1.1 trillion in a moderate climate-change scenario and $1.4 trillion in a worst-case scenario.
What are the UN’s Ten Principles For Bridging the Finance Gap?
- This report assesses the patterns, difficulties, and prospects encountered by policymakers, regulators, and the private financial sector (including banks, issuers, and investors) in Asia and the Pacific as they work to raise and utilize funding for critical Sustainable Development Goals (SDGs), with a particular focus on climate action.
- The objectives are to encourage a more vigorous and knowledgeable discussion among member States on crucial strategies for advancing sustainability in the region and to provide clearer insights into the advantages and repercussions of specific policy and financing decisions in both the near and distant future.
Ten Principle
- New climate finance partnerships are developed
- Effective NDC financing strategies are developed
- Policy coherence and capacities are developed across key government ministries
- Decisive regulatory action takes place to shift capital in Asia and the Pacific towards the net zero transition
- Investment in the capacities of financial personnel
- Investment in much-needed sectoral and project-based financial data is undertaken
- Commitments to net zero pledges for 2050 with credible transition pathways including 2030 goals are made
- Local-currency financing of energy transition projects as well as green technologies and other net-zero investments is increased
- Concessional financing and risk-sharing by multilateral development banks, bilateral development financial institutions, and public development banks is expanded and accelerated
- Investment of time and effort with partners in project preparation is increased.
ESCAP releases a variety of publications
- Asia-Pacific Countries with Special Needs Development Report
- Asia-Pacific Development Journal
- Asia-Pacific Disaster Report
- Asia-Pacific Trade and Investment Report
- Economic and Social Survey of Asia and the Pacific
- Review of Development in Transport in Asia and the Pacific
- SDG Progress Assessment Reports
- Statistical Yearbook for Asia and the Pacific
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