3rd July 2020
EP Report

A new report by the IFC-facilitated Sustainable Banking Network (SBN) shows Bangladesh, Mongolia and Nepal have identified green finance as a top priority for sustainably developing their financial sectors.

 

The report- 'Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges'-says these countries face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses, said an IFC press release.

 

In the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia.

 

The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.

 

"At a time when low-income countries across Asia and the Pacific are being adversely impacted by Covid-19, it's all the more vital for countries to embrace sustainable financial development to build resilience for the future," said Nena Stoiljkovic, IFC's Vice President for Asia and Pacific.

 


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