Germany is to further develop a finance platform to help developing nations become more sustainable.
The ‘GreenInvest’ platform will help ensure developing countries have a voice in the evolution of green finance initiatives and practices as they are often at the most risk from climate change.
As part of its G20 Presidency, Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) will build and manage the ‘GreenInvest’ platform with the UN to enable developing countries to participate in international efforts to accelerate the deployment of green finance.
A first consultation was held in Singapore this month, with participants from around 25 developing countries attending.
It was decided foreign direct investment needs to be more focused on sustainability and new financial technologies could play an important role.
The consultation concluded there is a need to develop an organised interface between the needs of developing countries and the G20 process to ensure strategies are well implemented and avoid opening developing economies to new risks.
A new Commonwealth initiative will unlock billions in climate finance for developing countries.