The German Ministry for Economic Cooperation and Development is advancing the 'GreenInvest' dialogue platform in order to engage developing countries in the mainstreaming and mobilisation of green finance.
A first consultation of developing countries under the GreenInvest platform recently held in Singapore with participants from some 25 developing countries.
BMZ' Parliamentary State Secretary, Thomas Silberhorn said: "Within the German development cooperation, we are placing a strong emphasis on supporting our partners in building local financial systems and framework conditions to mobilize and shift private investments towards a sustainable future. GreenInvest is an excellent vehicle to advance our joint understanding and setting the stage for scaled-up action on green finance."
UN Environment has been selected to develop and manage GreenInvest, building on its extended experience in advancing sustainable finance. UN Environment's co-Director of the Inquiry into Design Options for a Sustainable Financial System, Simon Zadek said, "UN Environment welcomes the opportunity through its involvement in GreenInvest to highlight the innovations by, and accelerate the flow of green finance in developing countries".
GreenInvest seeks to ensure that developing countries will have a voice in the evolution of green finance initiatives and practices across the global financial system. It is based on an initiative launched during Mexico's G20 Presidency in 2012 and will feed-into the newly established Sustainability Working Group under Germany's G20 Presidency. It complements other green finance work streams under Germany's G20 Presidency including the Green Finance Study Group in the Finance Track.