UNEP Executive Director Discusses Financial Sustainability in Brazil

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Photo Courtesy of FEBRABAN

São Paulo, 23 September 2015 - United Nations Environment Programme (UNEP) Executive Director Achim Steiner concluded, Tuesday, a two-day visit to Brazil, where he met with the country's Ministers of Environment and Finance, and addressed a conference on sustainable finance and the green economy hosted by FEBRABAN - the Brazilian Bankers Federation. Steiner also addressed the Ethos 360 environmental conference and visited the facilities of cosmetic manufacturer Natura, one of the 2015 laureates of the UN Champions of the Earth award.

Further Resources

• Download The Brazilian Financial System and the Green Economy
• UNEP Inquiry into the Design of a Sustainable Financial System

Executive Director Achim Steiner said, "Three years ago, the goals of sustainable development were born in Brazil at Rio+20. In areas like sustainable finance, and the green economy, Brazil is already emerging as a leader. As the country considers options for its future development path, Brazilians can look to sustainability both as part of their story already written and as a narrative for their future. Indeed, Finance Minister Levy indicated as much in his speech to the FEBRABAN conference, remarking that the green economy will be a future driver of competitiveness and productivity.

"UNEP, through its Inquiry into the Design of a Sustainable Financial System, will continue to support the research and implementation needed to evolve a financial system more aligned with the development priorities of nations articulated in the sustainable development goals."

In meetings with Environment Minister Izabella Teixeira and Finance Minister Joaquim Levy, Steiner discussed the need for sustainable finance and initial findings of the Inquiry, which suggest there is a "quiet revolution" occurring that is aligning the financial sector with sustainability including the challenges of responding to climate change.

At the International Seminar on the Financial System, the Green Economy and Climate Change, hosted by FEBRABAN's President, Murilo Portugal, with support from Fundação Getulio Vargas (FGV) and the UNEP Inquiry, the Executive Director spoke to the importance of aligning the financial system for sustainability, and previewed some of the findings of the UNEP Inquiry's full report, which will be launched on 8 October 2015. Ministers Levy and Teixeira also addressed the historic conference, pledging to green Brazil's economy as a way to ensure its future prosperity.

Highlighting the relationship between climate change and economic development, Minister Levy said, "This issue, though environmental and scientific, firstly speaks to consumption and production patterns and very specific questions for the day-to-day of banks, companies, and public administration - in short, of all people and future generations. In the financial sector, advances have occurred very quickly, by both the regulator - the Central Bank - and in terms of self-regulation."

In remarks, Minister Teixeira added, "The financial sector can help reallocate resources to deal with the climate issue."

Speaking at the Seminar, FEBRABAN's President, Murilo Portugal, said, "The Brazilian banking industry has never been indifferent to the challenges brought by climate change and the need to promote green economy. Voluntary initiatives in the sector date back to 1995 with the signing of a Green Protocol by public banks. Since then, many other initiatives were incorporated."

Steiner also addressed the Ethos 360 Conference on the importance of policy leadership and cross-sector cooperation to achieve the Sustainable Development Goals.

Finally, while in São Paulo, the Executive Director took the opportunity to visit the manufacturing facilities of the Brazilian cosmetics company, Natura. Natura is one of UNEP's 2015 Champions of the Earth, for their pioneering work in sustainable production.

For more information, please contact:

Priscilla Castro, Communications Assistant, UNEP Brazil Office, +55 61 3038 9237, +55 61 3038 9233, comunicacao@pnuma.org

Mahenau Agha, Head of Outreach, Inquiry into the Design of a Sustainable Financial System Initiative, +41 79-105-3614, mahenau.agha@unep.org