He Ministry of Economy adopted the National Sustainable Finance Strategy, which implies the inclusion of environmental and social issues in investment decision-making. The decision was established by means of Resolution 696/2023, published this Monday in the Official Gazette.
According to the Palacio de Hacienda, sustainable finance “are currently underdeveloped in our country: prior to the advent of the crisis caused by the Covid-19 pandemic, it was estimated that the need for sustainable financing in Argentina for the period 2019-2030 was at least US$51,000 million a year.”
In addition, Economía recalled that within the framework of the 2030 Agenda for Sustainable Development and the Paris Agreement, approved by the United Nations General Assembly in 2015, a Technical Committee on Sustainable Finance (MTFS) was formed in 2020 ) “for the exchange of information with the objective of coordinating, designing, evaluating and promoting public policies, activities, economic and financial instruments that facilitate public and private investments towards initiatives that promote the development and strengthening of sustainable finance in our country” .
What is the technical table of Sustainable Finance
The MTFS is made up of the main public sector stakeholders in this area: Ministry of Economy (Secretary of International Economic and Financial Affairs, Secretariat of Finance and Secretariat of Industry and Productive Development); National Securities Commission (CNV); National Insurance Superintendency (SSN); Central Bank of the Argentine Republic; Bank of the Argentine Nation; Investment and Foreign Trade Bank (BICE); Ministry of Environment and Sustainable Development of the Nation and Guarantee and Sustainability Fund (FGS).
Based on the formation of this Board, a National Sustainable Finance Strategy was formulated “that seeks to promote alternatives to mobilize the necessary resources in a scalable manner that make it possible to encourage public and private investments that contribute to achieving economic and social objectives within the framework of the Sustainable Development Goals (SDG), included in the 2030 Agenda, contemplating the goals of adaptation and mitigation to climate change in the country”, according to the Resolution.
For Economy, this strategy will also allow “beginning the process of identifying the risks related to climate change to which the different participants in the financial sector are exposed.”
“In this understanding, it is convenient to adopt, in the orbit of the Ministry of Economy, the National Strategy for Sustainable Finance elaborated by consensus by the members of the MTFS, for its implementation in the activities of its competence,” he added.
At once, The Ministry extended the invitation to adhere to the Strategy to the rest of the National Public Administration, its decentralized agencies, autonomous entities and other entities of the National Public Sector, with responsibility in the matter.