Italy has set out a plan to increase flows of sustainable finance.
The joint report released by Italy’s Ministry of Environment, Land and Sea (MATTM) and UN Environment is the result of a year-long national dialogue on greening the nation’s financial system.
The plan proposes 18 options to scale up green funding and improve risk management, including identifying innovative mechanisms to increase access to green finance for small and medium enterprises and improving the energy efficiency of buildings.
It also aims to expand the green bond market by establishing a national committee, create a national sustainable finance strategy and bring financial institutions, academics and public authorities together to pilot environmental stress testing models.
The report has received inputs from more than 100 experts from banks, insurers, investors, corporations, financial regulators and academics.
Italy’s Environment Minister Gian Luca Galletti said: “Strengthening the environmental dimension of finance is essential to deliver our goals for sustainable development and climate change. This report sets out a practical set of proposals to align risks and returns with the sustainability imperative.”
The Italian Government has also made a €5 million (£4.5m) contribution to the UN’s Environment Fund.
A sustainable innovation engine has recently launched its latest investment round for Europe.