Marcos TROYJO: Multilateral institutions should be part of the rule-making process of green finance
June 11,2021

  At the Plenary Session two of the 13th Lujiazui Forum 2021,“Leveraging the Financial Market to Achieve Carbon Peaking and Carbon Neutrality”, Marcos TROYJO, President of the New Development Bank, stressed the important connecting role of multilateral institutions in the global green finance transition.

  He pointed out that first of all, the definition of green development is very important. He doesnot want to see that once one single country puts arbitrarily a definition on green finance, others have to follow. Emerging economies need to work together to define what green finance is. At the same time, the climate and environmental challenges are global challenges, so global solutions are needed. Multilateral development agencies also need to be part of the rule-making process.

  Meanwhile, henotedthe challenge of financing in today’s world. While green investment is now a highly sought-after areafor investors around the world, the global economy is facing a paradox. In 2021, the world faces an abundance of liquidity on the one hand and a shortage of green projects on the other, especially those backed by banks or multinational banks. Therefore, he said, multilateral institutions like the New Development Bank can be a bridge to connect projects while providing liquidity.