Please forward this error screen to sharedip-16015345136. With 189 member countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build are investments fixed assets prosperity in developing countries. The World Bank Group works in every major area of development.
We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. It is an honor for me to join you at the third in a series of global conferences that PRI has organized for fixed income investors. Let me start by acknowledging PRI for the significant role it has played in mainstreaming sustainable investing. Since 2005 when the then UN Secretary General, Kofi Annan invited a group of the world’s largest institutional investors to join a process to develop the Principles of Responsible Investing, PRI has been at the forefront of the drive towards sustainable investing. Let me also commend all participants at this conference because your individual efforts on integrating ESG into investing is shifting sustainable investing from a niche ‘play’ to mainstream.
In my remarks today, I will review the global context for sustainable investing, share some examples of how we have approached sustainability at the World Bank and conclude with my views on the road ahead. Since 2015, global leaders have accelerated the focus on sustainability first through establishing the 2030 agenda and the seventeen global or sustainable development goals as well as through the COP 21 Paris agreement to maintain global warming below 2 degrees Celsius. This has been reinforced by COP 22 in 2016 and COP 23 in November 2017. Also crucial are the recommendations published by the Financial Stability Board’s Task Force on Climate Related Financial Disclosures in June 2017. While the recommendations do not promote any position on the climate change debate, they provide a neutral framework for disclosing the impact of climate risks on an entity’s business, thereby promoting transparency on the material risks that entities face. 237 companies with a combined market capitalization of over USD 6. 3 trillion have now public committed to implement the recommendations.
I believe that market forces are moving in the right direction. The report that the World Bank co-sponsored with the UN – The Roadmap for a Sustainable Financial System – found that transition towards a sustainable system is already taking place through the interaction of market- based, national and international initiatives. 35,000 companies with a market capitalization of over USD55 trillion. Under this initiative 225 investors with more than USD 26.
At no time in history is it more obvious that, we must transition to a sustainable, inclusive, low carbon, resilient global economy. While a focus on sustainability can help us tackle income inequalities, populist tendencies and climate risk, it presents vast investment opportunities, will drive innovation and create new jobs. For example, it is estimated that the World will require USD90 trillion in climate-resilient infrastructure by 2030 while closing the gender gap can unleash up to USD 28 trillion in global GDP. We bring our unique combination of financing, knowledge and experience to promote sustainability and to tackle complex challenges such as climate, forced migration, pandemics, and natural disasters. At the World Bank, we leverage our long track record of supporting various countries around the world, our partnership with public and private sector, notably through the Invest4Climate platform that we co-sponsored with the United Nations in September 2017 to scale up finance for climate. We also leverage modern tools and technologies to design cutting edge solutions for our clients.