The final report of the EU High-Level Expert Group (HLEG) on scaling up sustainable finance in low- and middle-income countries commissioned by the European Commission has been published. The group's main mission was to identify sustainable finance challenges and opportunities in low- and middle-income countries. Make recommendations to the European Commission on how to increase funding from private capital to close the current SDG funding gap and accelerate the flow of private finance towards the implementation of the Global Gateway, the external dimension of the Green Deal that supports a green, fair and resilient recovery in EU partner countries.
As the report states: “Sustainability challenges are global challenges and require global solutions that leave no one behind.” The global disparity in the financing needed to achieve the SDGs is widening, with the OECD estimating it at $3.99 last year. Trillions per year. Increasing amounts of public funding and concessional financing are clearly insufficient to bridge this gap. In my opinion, We will mobilize large-scale private capital, provide financial and technical support to all emerging markets and developing countries, and explore how sustainable finance can help ensure a just and inclusive transition. We need to reconsider how it works. The EU can play an important role in facilitating an enabling environment.
“Sustainability challenges are global challenges and require global solutions that leave no one behind.”
HLEG is a diverse group of 20 international experts representing a wide range of financial and non-financial expertise, including EU cross-border investors, domestic investors, local businesses, civil society, standard setters and academia. The group was assembled in 18 months. BBVA is privileged to be a member and his role in sharing his experiences and views is very important. A private financial institution with a strong track record in emerging markets and partnerships with multilateral development banks.
