A bold new venture to encourage green digital finance initiatives has been launched at the G20 Green Invest symposium currently taking place in Berlin –Stockholm Green Digital Finance.
The symposium, a critical part of the German G20 Presidency’s drive to leverage emerging digital and financial technology to advance green finance, will see many new ventures launched with the Stockholm Green Finance Initiative being one of the trailblazers.
Meeting the UN’s ambitious Sustainable Development Goals by the 2030 deadline requires trillions of dollars of private investment. Sustainable economies require solutions that will reduce greenhouse gas emissions, improve energy efficiency, fight climate change and reduce pollution. These present potential investment opportunities to investors. Yet, actual capital redeployment to deliver solutions to these urgent challenges remains limited.
The inherent risk and lack of transparency of the capital market structure presents barriers in mobilising private investment at scale. Green digital finance is uniquely positioned to address specific barriers to deliver on the UN SDGs and provide sustained and sustainable growth.
Cecilia Repinski, Director of Stockholm Green Digital Finance explains how sustainable fintech is critical in meeting development goals: “Green innovators need access to capital to scale their solutions. Two million unbanked people in the world need access to banking services. Sustainable lifestyles need to scale. Green digital finance can address these needs. We have only just begun to scratch the surface of the potential and Stockholm Green Digital Finance will lead the way in exploring new initiatives to deliver sustainable capital to businesses and communities.”
“Stockholm Green Digital Finance will be a key component of the Stockholm Fintech Hub, established earlier in 2017 to foster the fintech industry in Sweden. Stockholm Green Digital Finance will be run from the Stockholm Fintech Hub to practically demonstrate and facilitate policy dialogue around how green digital finance can facilitate the transition to inclusive and sustainable societies.”
Matthew Argent, CEO at the Stockholm Fintech Hub points to Sweden’s credentials both in fintech and green tech: “Sweden is the ideal place for such an initiative both in terms of policy objectives and business culture. The Stockholm Fintech Hub is proud to be supporting such a vital new project.”
Simon Zadek, Co-Director of the UN Environment Inquiry outlined the critical international element of the initiative:“The Green Digital Finance Alliance looks forward to partnering with Stockholm Green Digital Finance around practical use cases to help unleash the full potential of green finance internationally.”
Fintech business are already working in collaboration with the new initiative as Sofie Blakstad, CEO of hiveonline explains: “We are a founder member of the Stockholm Fintech Hub and are committed to putting our blockchain technology to work in advancing inclusive and sustainable societies. We will work with Stockholm Green Digital Finance to test new solutions and help make their ambition a reality.”
Cecilia Repinski concludes: “We have just thirteen years to deliver on the UN Sustainable Development Goals and green finance has to be a part of this. Our initiative will lead the way in channelling green finance through fintech.”