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In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores how global policy frameworks are evolving to unlock private capital for sustainable development. He is joined by Helena Viñes Fiestas, Commissioner at the Spanish Financial Markets Authority and Co-Chair of the Taskforce on Net Zero Policy, and Eric Usher, Head of the UN Environment Programme Finance Initiative (UNEP FI) and PRI Board member.
The discussion focuses on the outcomes of the Fourth International Conference on Financing for Development in Seville and the significance of Paragraph 34 of the Seville Commitment, a milestone recognising the role of well-functioning financial markets in delivering the Sustainable Development Goals.
As public finance comes under pressure, governments are increasingly focused on creating enabling environments that attract long-term private investment, particularly in emerging and developing economies.
Helena and Eric explain why Paragraph 34 marks an important shift: embedding issues such as transparency, disclosures, taxonomies and market integrity into a multilateral development framework. They discuss how this convergence of development, climate and financial policy could help mobilise capital at scale, if implemented effectively.
From development aid to market-based solutions
Eric explains how financing for sustainable development has traditionally focused on public finance, debt and governance, but is now recognising the need for private capital and functioning financial markets to deliver long-term outcomes.
Policy momentum beyond Europe and North America
Helena shares findings from the Taskforce on Net Zero Policy, showing that most new sustainable finance policies adopted last year emerged outside Europe and North America, particularly across Asia-Pacific. She highlights why global companies and investors will increasingly need to align with these frameworks.
What’s inside Paragraph 34
The guests outline how Paragraph 34 references a broad set of tools, from sustainability disclosures and taxonomies to market transparency, covering environmental and social objectives across the SDGs.
Development banks, DFIs and private capital
Both guests reflect on the growing role of development finance institutions (DFIs) in de-risking investments and creating pathways for pension funds and asset managers to invest in emerging markets.
Taxonomies and interoperability
With over 50 taxonomies now in development globally, the discussion explores why interoperability, rather than a single global standard, is essential for attracting international capital while reflecting local economic realities.
From policy design to implementation
Helena highlights lessons from Europe’s experience: the need for better engagement with industry, tailored approaches for SMEs, capacity building for supervisors, and a stronger balance between incentives and regulation.
The responsibility of investing
In closing reflections, Eric emphasises dynamic materiality and the role of science in understanding long-term risk, while Helena highlights the growing responsibility of investors, and citizens, to align capital with sustainable outcomes.
For more information on the compromiso de sevilla, see our blog: https://public.unpri.org/pri-blog/the-compromiso-de-sevilla-a-milestone-in-the-growth-of-sustainable-finance-policy/13451.article
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The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies.
The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.