The number of policies and regulatory measures backing green finance globally has more than doubled since 2015, new figures reveal.
The database from UN Environment Programme (UNEP) and Green Growth Knowledge Partnership (GGKP) shows there are at least 391 national and sub-national policy and regulatory measures on green finance in place across the world – a 106% increase since 2015.
It also reveals a record 79 new measures were announced or implemented in 2019.
Reporting and disclosure is a focal point for policy and regulatory action, comprising roughly 25% of all measures that have been implement.
In addition, the database shows an increase number of measures are targeting multiple asset classes, with policy frameworks tackling issues like climate risk across banking, investment and insurance.
More than two-thirds of these measures are being implemented in developed countries.
The database also includes measures to promote the allocation of capital to green sectors, such as fiscal incentives for investments in green assets and green bonds.
However, UNEP says the implementation of these measures need to be stepped up “urgently” to enable significant reductions in emissions globally.
UNEP Executive Director Inger Andersen said: “Many transformative plans are being put in place to create zero carbon, biodiversity-friendly societies and economies. These plans need the full and unequivocal backing of the global financial system. So while it is encouraging to see the acceleration of green financing, the financial system and those who regulate it, need to urgently step up and drive huge cuts in greenhouse gas emissions.”