In 2014, UNEP FI undertook a research project on Basel III and environmental risk in collaboration with the Cambridge Institute for Sustainability Leadership and the Banking & Environment Initiative.

The result of this work has been the release of the report Stability & Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III? which comprises a series of recommendations on how to optimize the way existing financial policy and regulation is deployed so as to achieve (financial and environmental) sustainability goals.

The outcomes of the report were discussed at a high-level Dialogue in 2015, the main outcomes and conclusions of which were captured in Banking & Sustainability: Time for Convergence A Policy Briefing on the links between Financial Stability and Environmental Sustainability. Extensive engagement with stakeholders and further research has since been undertaken via the UNEP Inquiry into the Design of a Sustainable Financial System.

In parallel, UNEP FI has entered into an agreement with the International Finance Corporation to work with its department of Environment, Social & Risk Governance (CES) and its Financial Institutions Group (FIG). This partnership allows for the coordination of activities relating to financial policy and regulation. It will also coordinate capacity-building activities and joint planning in the markets, especially with a view to promoting mainstream capacity for sustainable banking training in developing countries.

Research & Capacity-building Programme on addressing environmental & social drivers of systemic risk in the financial system
Terms of reference

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