London, United Kingdom – 30 October 2024
Universal Carbon Finance (UCFINN), in collaboration with the Rockefeller Foundation, announces the launch of the Banking Coalition for the Green Economy. This milestone builds upon the recent convening at the Rockefeller Bellagio Center in Italy (September 16-20, 2024), where leaders from finance, academia, business, and public policy came together to address the pressing needs for standardizing financing instruments for the green economy.
Introducing Global Carbon Pricing Standards
During this event, a task force of experts developed the Principles for Carbon Pricing Standards, the first global guidelines aimed at establishing transparent, market-driven carbon price discovery. These principles lay the groundwork for the creation of the Carbon Pricing Index, a critical step to unify fragmented carbon markets and facilitate carbon finance on a global scale.
Launch of the Banking Coalition for the Green Economy
The Banking Coalition for the Green Economy is a non-profit organization bringing together financial institutions, policymakers, and industry experts to advance sustainable finance. Central to the Coalition’s mission is the development of the Carbon Pricing Index, guided by the newly established Principles for Carbon Pricing Standards, which aims to provide a consistent and transparent approach to carbon valuation in financial markets. The Coalition prepares further standards to integrate sustainability into financial products, supporting the transition to a low-carbon economy.
Setting the Foundation with Carbon Pricing Standards
The Principles for Carbon Pricing Standards serve as a framework for integrating carbon pricing into financial products, including lending and credit, financial benchmarking, and pricing carbon credits This foundational framework ensures that financial institutions worldwide can adopt carbon-linked instruments effectively, facilitating greater consistency across markets and enhancing cross-border decarbonization investments.
Driving Towards a Low-Carbon Economy
The initiatives to establish the Principles for Carbon Pricing Standards and to develop the Carbon Pricing Index represent substantial advancements in sustainable finance. By setting a global benchmark for carbon accountability, the Coalition aims to support development of financing and investment tools for decarbonization and promote sustainable growth.
Join Us in Transforming Finance
To learn more about the ongoing development of the Carbon Pricing Index and the Banking Coalition for the Green Economy, download the Principles for Carbon Pricing Standards on our website at www.coalitiongreen.org. We invite financial institutions, policymakers, and stakeholders to join us in this journey toward a sustainable financial future.
For further information, please contact us at info@coalitiongreen.org