Design of a Sustainable Financial System: Netherlands input to the UNEP Inquiry
In 2014, the United Nations Environment Programme (UNEP) initiated the Inquiry into the Design of a Sustainable Financial System. The Inquiry is intended to accelerate the transition to a green and circular economy by better aligning the financial system through identifying best practices and exploring financial market policy and regulatory innovations. The Inquiry will do this through an advisory council, practitioner dialogue and research. Financial sector experts from several countries have provided inputs to the Inquiry. The Sustainable Finance Lab, sponsored by the Dutch Ministry of Infrastructure and the Environment, the Netherlands Development Finance Company (FMO) and nine other private financial institutions, invited the Inquiry’s co-director Simon Zadek to a meeting on 26 May 2015 with 20 representatives from the Dutch financial sector (see annex for the list) ranging from public policymakers and regulators to the largest banks, asset managers, insurance companies and sustainable frontrunners. A follow-up meeting will take place on 27 November 2015, hosted by Klaas Knot, President of the Dutch Central Bank (DNB). This note summarizes the input provided to the Inquiry, including best practices, financial market policy and regulatory innovations to help bring about the green economy and a sustainable financial sector. It should be noted that the policy recommendations contained in this note were not formally endorsed by all meeting participants or their institutions.