OJK and World Bank Discuss Future of Sustainable Finance in Indonesia
Bali. Indonesia's Financial Services Authority, better known as OJK, and the World Bank's financing arm for private sector — the International Finance Corporation — launched the 2016 International Sustainable Finance Forum on Thursday (01/12).
The two-day event is meant to serve as a platform to discuss the future of sustainable finance and market innovations in Indonesia.
International commitment to sustainable development and low-carbon economy speeded up last year with initiatives such as the Paris Agreement and the Sustainable Development Goals.
"The government of Indonesia and OJK [Financial Services Authority] are both highly committed to the Sustainable Development Goals," OJK chairman Muliaman Hadad said, as he encouraged the country's financiers to follow suit.
"Social and environmental sustainability can only be achieved with the support of the private sector, in particular the financial sector," he said.
In 2014, OJK released the Sustainable Finance Roadmap to serve as a guideline for the financial sector.
The roadmap includes strategic long-term and short-term goals, such as increasing funding for environment-friendly businesses and products, and introducing appropriate monitoring of their activities.
OJK is one of the founding members of the Sustainable Banking Network, a global initiative established in 2012 to create a friendly environment for financial regulators and banking associations in emerging markets and promote sustainable financial services.
"Sustainable development cannot be achieved without a strong financial system," International Finance Corporation vice president for corporate risk and sustainability, Ethiopis Tafara said.
The Sustainable Banking Network consists of 31 countries which represent more than 85 percent of the banking assets across emerging markets and can play a critical role to deliver on the sustainable economic agenda.
This year's International Sustainable Finance Forum also marks the fourth annual gathering of the Sustainable Banking Network.
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