The Government of Argentina and regulatory bodies of banking, insurance and the capital market of the South American country committed this Tuesday to promote the development of sustainable finance.
Buenos Aires, Sep 7 (.) .- The Government of Argentina and regulatory bodies of banking, insurance and the capital market of the South American country committed this Tuesday to promote the development of sustainable finance.
This commitment was embodied in a joint declaration that sets the objective of creating the conditions for the financial sector to attract public and private investments that contribute to achieving economic, environmental and social objectives in line with the Sustainable Development Goals (SDGs). ) and that respond to climate change through the financing of mitigation and adaptation strategies.
The document was initialed this Tuesday by the Argentine Minister of Economy, Martín Guzmán, the president of the Central Bank, Miguel Pesce, the head of the National Securities Commission (regulator of the markets), Adrián Cosentino, and the Superintendent of Insurance of the Nación (regulator of the insurance sector), Adriana Guida.
According to official sources, this joint statement is part of the work of the technical table on sustainable finance created in 2020 and led by the Ministry of Economy of Argentina, with the support of the Inter-American Development Bank (IDB).
Guzmán highlighted the importance of generating alternatives for public and private investment that promote sustainable development “because the transformation of production for environmental sustainability is not only a matter of development but also of macroeconomic stability.”
For his part, the head of the Central Bank said that, as of the signing of this declaration, a joint work will begin “in terms of incorporation and management of environmental, social and climatic risks, from a micro and macroprudential perspective, key to the development of a resilient and stable financial system “.
“I celebrate this joint commitment to promote the development of sustainable finance that promotes the participation of the different actors of the financial system, in order to channel resources and investments towards green, environmental and social projects and activities,” said Pesce.
Meanwhile, Cosentino highlighted the work that the market regulator has already been doing, creating financial products “capable of attracting capital to finance projects with positive environmental and social impact, and we promote tools that allow familiarization with their incorporation into corporate and investment decisions. investment”.
For his part, Guida highlighted that “insurance is part of a key role in the transition towards a sustainable economic model through the promotion of financial inclusion, contributing to the construction of a world socially and environmentally capable of adapting to changes. positive for future generations. ”
The joint statement seeks to promote adequate incorporation, management, regulation and supervision of risks associated with social, environmental and governance (ESG) criteria, including financial and balance of payments risks related to climate, in order to design policies that contribute to the strengthening, development and stability of the Argentine financial system.
Likewise, the parties undertook to prepare a joint long-term agenda that allows the entities under their supervision to develop the necessary capacities to identify, manage and incorporate ESG criteria into their business strategies.