EU Launched the International Platform on Sustainable Finance (IPSF)
The International Platform on Sustainable Finance (IPSF) was launched by the EU together with authorities from Argentina, Canada, Chile, China, India, Kenya, and Morocco.
Public funding is vital for the green transition, but it will not be enough. A substantial part of the financial flows will have to come from the private sector. Trillions of investments will be needed in sustainable infrastructure over the next decades to reach the commitments of the Paris Agreement.
The global nature of financial markets offers great potential in terms of helping countries on their transition path, by linking local financing needs to global sources of funding. In this regard, the International Platform on Sustainable Finance (IPSF) will act as a forum to facilitating exchanges and coordinating efforts on initiatives and approaches to environmentally sustainable finance, while respecting national and regional contexts.
“While public funding will be vital for the green transition, it cannot pay the massive investment bill alone. We also have to tap private capital, and greatly scale up green investment so that it can help address the climate emergency”, stated Vice-president Valdis Dombrovskis, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union.
The IPSF is supported by the Coalition of Finance Ministers for Climate Action, the European Bank for Reconstruction and Development, the European Investment Bank, the International Organisation of Securities Commissions, the Network for Greening the Financial System, the Organisation for Economic Co-operation and Development, and the United Nations Environment Programme – Finance Initiative, in their role of observers.
IPSF Joint Statement