Background – global drivers of sustainable finance and ESG -
In recent years, there has been increasing attention globally on environmental, social and governance (ESG) issues, with accelerated focus following the 2020 outbreak of the pandemic on concerns of sustainability and broader social issues such as healthcare, rising poverty and social inequalities. COP26 this year will be the fifth anniversary of the entry into force of the Paris Agreement, as a legally binding international agreement under the United Nations Framework Convention on Climate Change. Many countries and governments are committing to meeting Paris-aligned climate targets, towards limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C. There is increasing urgency that much more concrete steps and significant levels of investments are needed through green or sustainable finance, or the world would likely miss this target, with potential catastrophic consequences of climate change that would need to be addressed.
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