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Achieving the Sustainable Development Goals through Finance, Technology and Law Reform
Achieving the SDGs requires a fundamental rethink from businesses and governments across the globe. To make the ambitious goals a reality, trillions of dollars need to be harnessed to mobilise finance and accelerate progress towards the SDGs.
Bringing together leaders from the World Bank, the financial and business sectors, the startup community and academia, this important, topically relevant volume explains what the SDGs are, how they came about and how they can be accelerated. Real-world case studies and authoritative insights address how to direct investment of existing financial resources and re-align the global financial system to reflect the SDGs.
In depth chapters discuss how financial institutions, such as UBS Wealth Management, Manulife Asset Management and Moody's Rating Agency are supporting the SDGs. The opportunities arising from Blockchain, Big Data, Digital Identity and cutting-edge FinTech and RegTech applications are explored, whilst the relevance of sustainable and transparent global supply chains is underscored. Significant attention is paid to law reform which can accelerate progress of the SDGs through SME Financing, Crowdfunding, Peer-to-Peer Lending and tax restructuring.
To achieve the 'World We Want', much needs to be done. The recommendations contained within this book are critical for supporting a fundamental shift in thinking from business and governments around the world, and for building a more just and prosperous future for all.
Achieving the SDGs requires a fundamental rethink from businesses and governments across the globe. To make the ambitious goals a reality, trillions of dollars need to be harnessed to mobilise finance and accelerate progress towards the SDGs.
Bringing together leaders from the World Bank, the financial and business sectors, the startup community and academia, this important, topically relevant volume explains what the SDGs are, how they came about and how they can be accelerated. Real-world case studies and authoritative insights address how to direct investment of existing financial resources and re-align the global financial system to reflect the SDGs.
In depth chapters discuss how financial institutions, such as UBS Wealth Management, Manulife Asset Management and Moody's Rating Agency are supporting the SDGs. The opportunities arising from Blockchain, Big Data, Digital Identity and cutting-edge FinTech and RegTech applications are explored, whilst the relevance of sustainable and transparent global supply chains is underscored. Significant attention is paid to law reform which can accelerate progress of the SDGs through SME Financing, Crowdfunding, Peer-to-Peer Lending and tax restructuring.
To achieve the 'World We Want', much needs to be done. The recommendations contained within this book are critical for supporting a fundamental shift in thinking from business and governments around the world, and for building a more just and prosperous future for all.
Achieving the Sustainable Development Goals through Finance, Technology and Law Reform
Achieving the SDGs requires a fundamental rethink from businesses and governments across the globe. To make the ambitious goals a reality, trillions of dollars need to be harnessed to mobilise finance and accelerate progress towards the SDGs.
Bringing together leaders from the World Bank, the financial and business sectors, the startup community and academia, this important, topically relevant volume explains what the SDGs are, how they came about and how they can be accelerated. Real-world case studies and authoritative insights address how to direct investment of existing financial resources and re-align the global financial system to reflect the SDGs.
In depth chapters discuss how financial institutions, such as UBS Wealth Management, Manulife Asset Management and Moody's Rating Agency are supporting the SDGs. The opportunities arising from Blockchain, Big Data, Digital Identity and cutting-edge FinTech and RegTech applications are explored, whilst the relevance of sustainable and transparent global supply chains is underscored. Significant attention is paid to law reform which can accelerate progress of the SDGs through SME Financing, Crowdfunding, Peer-to-Peer Lending and tax restructuring.
To achieve the 'World We Want', much needs to be done. The recommendations contained within this book are critical for supporting a fundamental shift in thinking from business and governments around the world, and for building a more just and prosperous future for all.
Achieving the SDGs requires a fundamental rethink from businesses and governments across the globe. To make the ambitious goals a reality, trillions of dollars need to be harnessed to mobilise finance and accelerate progress towards the SDGs.
Bringing together leaders from the World Bank, the financial and business sectors, the startup community and academia, this important, topically relevant volume explains what the SDGs are, how they came about and how they can be accelerated. Real-world case studies and authoritative insights address how to direct investment of existing financial resources and re-align the global financial system to reflect the SDGs.
In depth chapters discuss how financial institutions, such as UBS Wealth Management, Manulife Asset Management and Moody's Rating Agency are supporting the SDGs. The opportunities arising from Blockchain, Big Data, Digital Identity and cutting-edge FinTech and RegTech applications are explored, whilst the relevance of sustainable and transparent global supply chains is underscored. Significant attention is paid to law reform which can accelerate progress of the SDGs through SME Financing, Crowdfunding, Peer-to-Peer Lending and tax restructuring.
To achieve the 'World We Want', much needs to be done. The recommendations contained within this book are critical for supporting a fundamental shift in thinking from business and governments around the world, and for building a more just and prosperous future for all.
Über den Autor
JULIA WALKER is a senior global business executive with 20 years experience in the private sector principally in finance, technology, and risk management. She currently runs market growth and strategy in Asia for one of the world's largest providers of financial markets data, Infrastructure, and Risk Intelligence and is a member of the United Nations Secretary General's Task Force of Digital Financing of the Sustainable Development Goals.
DR ALMA PEKMEZOVIC is a consultant to the Asian Development Bank, Sydney, Australia. Her key areas of expertise include capital markets law, corporate law and governance, and commercial law reform. During 2006 to 2015, Dr. Pekmezovic taught corporate and commercial law at La Trobe University School of Law, Melbourne, Australia. She was formerly a Lecturer in Law at Bucerius Law School in Hamburg (2015-2018) and a Visiting Research Fellow at the Max Planck Institute for Comparative and International Private Law in Hamburg, Germany.
DR GORDON WALKER SJD (Duke) is an Emeritus Professor of La Trobe University; Adjunct Professor at Curtin University School of Law; Visiting Professor, University of Padua Law School, Italy; and an advisor to the Asian Development Bank (ADB) designated as International Business Law Expert and International Financial Sector Expert. His research contracts at the ADB principally involve law reform in the areas of securities regulation, company, secured transactions and FinTech within the Private Sector Development Initiative (PSDI-III) in the South Pacific.
Inhaltsverzeichnis
About the Editors xvii
Notes on Contributors xix
Foreword xxix
Foreword: Implementation of the SDGs xxxi
Preface xxxv
Introduction 1
Part One: Overview and Context 9
Part Two: Where Will the Money Come From? Financing the SDGs 10
Part Three: Technology, Innovation, and Entrepreneurship 12
Part Four: Facilitating the SDGs by Legal Infrastructure Reform 15
Part I Overview and Context 17
1 The UN and Goal Setting: From the MDGs to the SDGs 19
Alma Pekmezovic
Introduction 19
What is Development? 20
Is There a Right to Development? 22
Measuring Economic Development 22
Measuring Non-Economic Aspects of Development 23
The Sustainable Development Goals (SDGs) 24
Situating the SDGs in the International Legal Framework 28
Theories of Development: Towards a New Theory of Sustainable Development 29
Economic Theories of Development 30
Cultural Theories of Development 30
Geographic Theories of Development 31
Institutional Theories of Development 32
A New Theory of Sustainable Development 34
Measuring Progress Towards the SDGs 34
Conclusions 35
2 SDGs and the Role of International Financial Institutions 37
Suresh Nanwani
Introduction 37
Response and Implementation of the SDGs by IFIs 38
Project Processing and Actions Taken by IFIs to Implement the SDGs, and Responses from Other Development Actors 44
Conclusion and Recommendations for IFIs to Meet SDG Goals and Targets 48
3 Towards a New Global Narrative for the Sustainable Development Goals 53
Iason Gabriel and Varun Gauri
Introduction 53
How SMART Are the SDGs? 55
Goals That Stretch 59
Goals That Inspire 62
Sloganising the SDGs 64
Towards a New Global Narrative? 66
Conclusion 69
4 Overcoming Scarcity: The Paradox of Abundance: Harnessing Digitalisation in Financing Sustainable Development 71
Simon Zadek
Scarcity: The Paradox of Abundance 71
Financing: A Systemic Challenge 72
Action on System Design 74
Digital Financing of the SDGs 76
Dilemmas: Digitalisation and Dark Financing 80
Sizing the Prize 82
What Next? 84
Concluding Comments 85
Part II Where Will the Money Come From? Financing the SDGs 87
5 The New Framework for Financing the 2030 Agenda for Sustainable Development and the SDGs 89
Alma Pekmezovic
Introduction 89
Sources of Development Finance 90
Domestic Public and Private Sources 90
Domestic Resource Mobilisation (DRM) 90
International Public and Private Finance 93
The Role of International Official Development Assistance (ODA) 94
Private Philanthropy 95
Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Investment Funds 96
Barriers to Greater Private Investment 97
The Role of Private and Blended Finance in Development 98
The Development Impact and Risks of Blended Finance 100
An Overview of Blended Finance Mechanisms 101
Innovative Financing Tools: Social Impact Bonds (SIBs) and Development Impact Bonds (DIBs) 102
Best Practices for Engaging the Private Sector 105
Conclusions 105
6 The Contribution of the International Private Sector to a More Sustainable Future 107
Martin Blessing and Tom Naratil
Ready and Able to Invest 108
Commercial and Investment Benefits 109
What is Needed to Mobilise Private Sector Money? 110
Partnerships for a More Sustainable Future 112
Partnerships to Rationalise Sustainable Investment Markets 112
Partnerships to Democratise Sustainable Investment Markets 116
7 Re-Orienting the Global Financial System Towards Sustainability 121
Alma Pekmezovic
Introduction 121
Background 123
The Legal and Regulatory Framework 125
Company Reporting: Sustainability Disclosure Requirements 128
Institutional Investors: Responsible Investing and Investing for Impact 132
Fiduciary Duties of Institutional Investors and Other Financial Intermediaries 136
Fostering Long-Term Sustainability 140
Conclusion 142
8 How Asset Managers Can Better Align Public Markets Investing with the SDGs 143
Emily Chew and Margaret Childe
Why the SDGs Could Transform Sustainability Investing 143
Implementing the SDGs as an Analytical Framework to Align Investing with the SDGs 145
Objectives of Manulife Investment Management's Approach to SDG-Aligned Investing 145
SDG Assessment Methodology Overview 147
Investable Themes 147
SDG Alignment Assessment 150
Exclusions 152
Applying the SDG Analytical Framework to the S&P 500 Index 152
The Current State of Corporate Goals with Respect to SDG Impact 153
The Current Opportunity Capture of SDG-Related Profit Opportunities 156
Areas in which Corporate Operational Conduct is Most Strongly Aligned with SDG Impact 159
What SDG Developments Can We Expect in the Public Markets Investor Community in 2020 and Beyond? 161
SDG-aligned Investing is Expected to Become Easier 162
Corporate Reporting on the SDGs Will Improve 163
Constructive Dialogue or Engagement with Companies is Necessary to Achieve the SDGs 163
A Call to Action 164
Disclaimer 165
9 The Significance of Sustainable Development Goals for Government Credit Quality 167
Alastair Wilson
Environmental Preservation Influences Credit Quality, Including Through the Impact of Climate Change on Growth and Institutions' Resilience to It 168
Social Risks Such as Poverty and Inequality Feed into Economic and Institutional Strength 170
Strong Institutions Are Closely Related to Ratings and Ratings Factors 174
SDGs Influence Government Credit Quality Through Different Channels, to Varying Degrees 176
Part III Technology, Innovation, and Entrepreneurship 177
10 FinTech for Financial Inclusion: Driving Sustainable Growth 179
Dirk A. Zetzsche, Ross P. Buckley, and Douglas W. Arner
Introduction 179
Financial Inclusion and Sustainability: Introducing the Long-Term Perspective 180
Financial Inclusion: Why It Matters 180
Two Sides of the Same Coin 181
FinTech as a Tool for the SDGs 181
FT4FI Initiatives 183
Four Pillars of Digital Financial Transformation 184
Experiences and Lessons 184
Financial Inclusion Initiatives Since 2008: G20 184
Financial Inclusion Initiatives Since 2008: AFI 185
FinTech and Financial Inclusion: The Foundation of Digital Financial Transformation 185
Pillar I: Digital ID and eKYC: Establishing the Foundation 186
Example: The Indian Aadhaar System 186
IrisGuard 187
Regional Approaches: eIDAS in the EU 188
eKYC and KYC Utilities 188
Example 1: South Africa Web-Based KYC Database 188
Example 2: India's e-KYC System 188
Example 3: eIDAS and eKYC 189
Synthesising the Lessons 189
Pillar II: Open Electronic Payment Systems: Building Connectivity 189
Mobile Money 190
Designing Regulatory Infrastructure for an Open Electronic Payments System 191
Pillar III: Account Opening and Electronic Government Provision of Services: Expanding Usage 192
Electronic Payment: Government Salaries and Transfers 193
Electronic Payment and Provision: Other Core Services 194
Pillar IV: Design of Financial Market Infrastructure and Systems: Enabling New Wider Development 195
Transforming Credit Provision: From Collateral and Microfinance to Cash Flow 195
Adding Insurance and Investments to Savings and Credit 196
M-Akiba 197
Building Better Financial Infrastructure 198
The EU Example: GDPR, PSD2, MiFID2 198
Developing a Comprehensive Strategy 198
Strategic Approach 198
The Challenge of Technology 198
Regulatory Sandboxes, Piloting, and Test-and-Learn Approaches 199
Balancing Inclusion with Other Regulatory Objectives 201
Designing Regulatory Systems: The Example of Mexico 201
Towards Inclusive and Sustainable Growth 202
11 Financing and Self-Financing of SDGs through Financial Technology, Legal, and Fiscal Tools 205
Jon Truby
Introduction 205
Self-Sufficient Financing and Achievement of SDGs through Tax Reform 207
Shifting the Tax Burden to Create a Double Dividend 207
Base Erosion and Digital Services Taxation 208
Digitisation of Tax Administration 209
Amendment of the Chicago Convention 210
Self-Sufficient Financing of SDGs through Financial Technology 212
Digitisation of Money 212
Digital Identity 214
Financing SDG 7 and Related Goals through Financial Technology 215
Offsetting Investments in Energy-Intensive Digital Currencies 215
Digital Token Investments 216
Conclusion 217
12 SDG Challenges in G20 Countries 219
Guillaume Lafortune and Guido Schmidt-Traub
Introduction 219
The SDGs as Problem-Solving Tools for Transformative Actions and Policies 229
Long-Term Planning and Back-Casting 230
Data and Monitoring 231
Financing 232
Technology Missions 233
Conclusion 234
13 The Future-Fit Business Benchmark: Flourishing Business in a Truly Sustainable Future 235
Geoff Kendall and Martin Rich
Introduction 235
The Journey Ahead 236
The World We Want 236
The World We Have (and How We Got Here) 236
The World We Can Create 238
Why a Systems View is Good for Business 240
A Star to Steer By 243
Current Assessment Methods Are Flawed 243
Starting with the End in Mind 244
How Much is Enough? 244
A Holistic View of Future-Fitness 245
A Practical Tool 246
Future-Fit Break-Even Goals 246
Future-Fit Positive Pursuits 248
Engaging Stakeholders More Effectively 250
Conclusion 251
14 Financing for Youth Entrepreneurship in Sustainable Development 253
Inna Amesheva, Alex Clark, and Julian Payne
The Role of Young Entrepreneurs in Sustainable Development 253
The Needs of Young Entrepreneurs Working on the SDGs 254
Barriers to Innovation and Scale 254
Supporting Young Entrepreneurs Working on the SDGs 257
The Financing Options Available to Young Entrepreneurs Working on the SDGs 258
Sources and Instruments of Finance for Young Entrepreneurs 259
Bridging the Gap Between Young Entrepreneurs and the SDGs 262
Sectoral Coverage 262
Geographical Coverage 264
Beyond Banks: Alternative Financial Structures for Youth-oriented Sustainable Development Initiatives 266
Prioritising Financial Interventions for Youth Entrepreneurs and the SDGs 267
Non-financial Services 268
Developing a Robust Investment Pipeline 270
Designing Youth-focused...
Notes on Contributors xix
Foreword xxix
Foreword: Implementation of the SDGs xxxi
Preface xxxv
Introduction 1
Part One: Overview and Context 9
Part Two: Where Will the Money Come From? Financing the SDGs 10
Part Three: Technology, Innovation, and Entrepreneurship 12
Part Four: Facilitating the SDGs by Legal Infrastructure Reform 15
Part I Overview and Context 17
1 The UN and Goal Setting: From the MDGs to the SDGs 19
Alma Pekmezovic
Introduction 19
What is Development? 20
Is There a Right to Development? 22
Measuring Economic Development 22
Measuring Non-Economic Aspects of Development 23
The Sustainable Development Goals (SDGs) 24
Situating the SDGs in the International Legal Framework 28
Theories of Development: Towards a New Theory of Sustainable Development 29
Economic Theories of Development 30
Cultural Theories of Development 30
Geographic Theories of Development 31
Institutional Theories of Development 32
A New Theory of Sustainable Development 34
Measuring Progress Towards the SDGs 34
Conclusions 35
2 SDGs and the Role of International Financial Institutions 37
Suresh Nanwani
Introduction 37
Response and Implementation of the SDGs by IFIs 38
Project Processing and Actions Taken by IFIs to Implement the SDGs, and Responses from Other Development Actors 44
Conclusion and Recommendations for IFIs to Meet SDG Goals and Targets 48
3 Towards a New Global Narrative for the Sustainable Development Goals 53
Iason Gabriel and Varun Gauri
Introduction 53
How SMART Are the SDGs? 55
Goals That Stretch 59
Goals That Inspire 62
Sloganising the SDGs 64
Towards a New Global Narrative? 66
Conclusion 69
4 Overcoming Scarcity: The Paradox of Abundance: Harnessing Digitalisation in Financing Sustainable Development 71
Simon Zadek
Scarcity: The Paradox of Abundance 71
Financing: A Systemic Challenge 72
Action on System Design 74
Digital Financing of the SDGs 76
Dilemmas: Digitalisation and Dark Financing 80
Sizing the Prize 82
What Next? 84
Concluding Comments 85
Part II Where Will the Money Come From? Financing the SDGs 87
5 The New Framework for Financing the 2030 Agenda for Sustainable Development and the SDGs 89
Alma Pekmezovic
Introduction 89
Sources of Development Finance 90
Domestic Public and Private Sources 90
Domestic Resource Mobilisation (DRM) 90
International Public and Private Finance 93
The Role of International Official Development Assistance (ODA) 94
Private Philanthropy 95
Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Investment Funds 96
Barriers to Greater Private Investment 97
The Role of Private and Blended Finance in Development 98
The Development Impact and Risks of Blended Finance 100
An Overview of Blended Finance Mechanisms 101
Innovative Financing Tools: Social Impact Bonds (SIBs) and Development Impact Bonds (DIBs) 102
Best Practices for Engaging the Private Sector 105
Conclusions 105
6 The Contribution of the International Private Sector to a More Sustainable Future 107
Martin Blessing and Tom Naratil
Ready and Able to Invest 108
Commercial and Investment Benefits 109
What is Needed to Mobilise Private Sector Money? 110
Partnerships for a More Sustainable Future 112
Partnerships to Rationalise Sustainable Investment Markets 112
Partnerships to Democratise Sustainable Investment Markets 116
7 Re-Orienting the Global Financial System Towards Sustainability 121
Alma Pekmezovic
Introduction 121
Background 123
The Legal and Regulatory Framework 125
Company Reporting: Sustainability Disclosure Requirements 128
Institutional Investors: Responsible Investing and Investing for Impact 132
Fiduciary Duties of Institutional Investors and Other Financial Intermediaries 136
Fostering Long-Term Sustainability 140
Conclusion 142
8 How Asset Managers Can Better Align Public Markets Investing with the SDGs 143
Emily Chew and Margaret Childe
Why the SDGs Could Transform Sustainability Investing 143
Implementing the SDGs as an Analytical Framework to Align Investing with the SDGs 145
Objectives of Manulife Investment Management's Approach to SDG-Aligned Investing 145
SDG Assessment Methodology Overview 147
Investable Themes 147
SDG Alignment Assessment 150
Exclusions 152
Applying the SDG Analytical Framework to the S&P 500 Index 152
The Current State of Corporate Goals with Respect to SDG Impact 153
The Current Opportunity Capture of SDG-Related Profit Opportunities 156
Areas in which Corporate Operational Conduct is Most Strongly Aligned with SDG Impact 159
What SDG Developments Can We Expect in the Public Markets Investor Community in 2020 and Beyond? 161
SDG-aligned Investing is Expected to Become Easier 162
Corporate Reporting on the SDGs Will Improve 163
Constructive Dialogue or Engagement with Companies is Necessary to Achieve the SDGs 163
A Call to Action 164
Disclaimer 165
9 The Significance of Sustainable Development Goals for Government Credit Quality 167
Alastair Wilson
Environmental Preservation Influences Credit Quality, Including Through the Impact of Climate Change on Growth and Institutions' Resilience to It 168
Social Risks Such as Poverty and Inequality Feed into Economic and Institutional Strength 170
Strong Institutions Are Closely Related to Ratings and Ratings Factors 174
SDGs Influence Government Credit Quality Through Different Channels, to Varying Degrees 176
Part III Technology, Innovation, and Entrepreneurship 177
10 FinTech for Financial Inclusion: Driving Sustainable Growth 179
Dirk A. Zetzsche, Ross P. Buckley, and Douglas W. Arner
Introduction 179
Financial Inclusion and Sustainability: Introducing the Long-Term Perspective 180
Financial Inclusion: Why It Matters 180
Two Sides of the Same Coin 181
FinTech as a Tool for the SDGs 181
FT4FI Initiatives 183
Four Pillars of Digital Financial Transformation 184
Experiences and Lessons 184
Financial Inclusion Initiatives Since 2008: G20 184
Financial Inclusion Initiatives Since 2008: AFI 185
FinTech and Financial Inclusion: The Foundation of Digital Financial Transformation 185
Pillar I: Digital ID and eKYC: Establishing the Foundation 186
Example: The Indian Aadhaar System 186
IrisGuard 187
Regional Approaches: eIDAS in the EU 188
eKYC and KYC Utilities 188
Example 1: South Africa Web-Based KYC Database 188
Example 2: India's e-KYC System 188
Example 3: eIDAS and eKYC 189
Synthesising the Lessons 189
Pillar II: Open Electronic Payment Systems: Building Connectivity 189
Mobile Money 190
Designing Regulatory Infrastructure for an Open Electronic Payments System 191
Pillar III: Account Opening and Electronic Government Provision of Services: Expanding Usage 192
Electronic Payment: Government Salaries and Transfers 193
Electronic Payment and Provision: Other Core Services 194
Pillar IV: Design of Financial Market Infrastructure and Systems: Enabling New Wider Development 195
Transforming Credit Provision: From Collateral and Microfinance to Cash Flow 195
Adding Insurance and Investments to Savings and Credit 196
M-Akiba 197
Building Better Financial Infrastructure 198
The EU Example: GDPR, PSD2, MiFID2 198
Developing a Comprehensive Strategy 198
Strategic Approach 198
The Challenge of Technology 198
Regulatory Sandboxes, Piloting, and Test-and-Learn Approaches 199
Balancing Inclusion with Other Regulatory Objectives 201
Designing Regulatory Systems: The Example of Mexico 201
Towards Inclusive and Sustainable Growth 202
11 Financing and Self-Financing of SDGs through Financial Technology, Legal, and Fiscal Tools 205
Jon Truby
Introduction 205
Self-Sufficient Financing and Achievement of SDGs through Tax Reform 207
Shifting the Tax Burden to Create a Double Dividend 207
Base Erosion and Digital Services Taxation 208
Digitisation of Tax Administration 209
Amendment of the Chicago Convention 210
Self-Sufficient Financing of SDGs through Financial Technology 212
Digitisation of Money 212
Digital Identity 214
Financing SDG 7 and Related Goals through Financial Technology 215
Offsetting Investments in Energy-Intensive Digital Currencies 215
Digital Token Investments 216
Conclusion 217
12 SDG Challenges in G20 Countries 219
Guillaume Lafortune and Guido Schmidt-Traub
Introduction 219
The SDGs as Problem-Solving Tools for Transformative Actions and Policies 229
Long-Term Planning and Back-Casting 230
Data and Monitoring 231
Financing 232
Technology Missions 233
Conclusion 234
13 The Future-Fit Business Benchmark: Flourishing Business in a Truly Sustainable Future 235
Geoff Kendall and Martin Rich
Introduction 235
The Journey Ahead 236
The World We Want 236
The World We Have (and How We Got Here) 236
The World We Can Create 238
Why a Systems View is Good for Business 240
A Star to Steer By 243
Current Assessment Methods Are Flawed 243
Starting with the End in Mind 244
How Much is Enough? 244
A Holistic View of Future-Fitness 245
A Practical Tool 246
Future-Fit Break-Even Goals 246
Future-Fit Positive Pursuits 248
Engaging Stakeholders More Effectively 250
Conclusion 251
14 Financing for Youth Entrepreneurship in Sustainable Development 253
Inna Amesheva, Alex Clark, and Julian Payne
The Role of Young Entrepreneurs in Sustainable Development 253
The Needs of Young Entrepreneurs Working on the SDGs 254
Barriers to Innovation and Scale 254
Supporting Young Entrepreneurs Working on the SDGs 257
The Financing Options Available to Young Entrepreneurs Working on the SDGs 258
Sources and Instruments of Finance for Young Entrepreneurs 259
Bridging the Gap Between Young Entrepreneurs and the SDGs 262
Sectoral Coverage 262
Geographical Coverage 264
Beyond Banks: Alternative Financial Structures for Youth-oriented Sustainable Development Initiatives 266
Prioritising Financial Interventions for Youth Entrepreneurs and the SDGs 267
Non-financial Services 268
Developing a Robust Investment Pipeline 270
Designing Youth-focused...
Details
| Erscheinungsjahr: | 2019 |
|---|---|
| Fachbereich: | Wirtschaft International |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Seiten: | 432 |
| Inhalt: | 432 S. |
| ISBN-13: | 9781119541813 |
| ISBN-10: | 1119541816 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: |
Pekmezovic, Alma
Walker, Gordon Walker, Julia |
| Hersteller: | John Wiley & Sons Inc |
| Maße: | 230 x 163 x 30 mm |
| Von/Mit: | Alma Pekmezovic (u. a.) |
| Erscheinungsdatum: | 30.08.2019 |
| Gewicht: | 0,728 kg |
Über den Autor
JULIA WALKER is a senior global business executive with 20 years experience in the private sector principally in finance, technology, and risk management. She currently runs market growth and strategy in Asia for one of the world's largest providers of financial markets data, Infrastructure, and Risk Intelligence and is a member of the United Nations Secretary General's Task Force of Digital Financing of the Sustainable Development Goals.
DR ALMA PEKMEZOVIC is a consultant to the Asian Development Bank, Sydney, Australia. Her key areas of expertise include capital markets law, corporate law and governance, and commercial law reform. During 2006 to 2015, Dr. Pekmezovic taught corporate and commercial law at La Trobe University School of Law, Melbourne, Australia. She was formerly a Lecturer in Law at Bucerius Law School in Hamburg (2015-2018) and a Visiting Research Fellow at the Max Planck Institute for Comparative and International Private Law in Hamburg, Germany.
DR GORDON WALKER SJD (Duke) is an Emeritus Professor of La Trobe University; Adjunct Professor at Curtin University School of Law; Visiting Professor, University of Padua Law School, Italy; and an advisor to the Asian Development Bank (ADB) designated as International Business Law Expert and International Financial Sector Expert. His research contracts at the ADB principally involve law reform in the areas of securities regulation, company, secured transactions and FinTech within the Private Sector Development Initiative (PSDI-III) in the South Pacific.
Inhaltsverzeichnis
About the Editors xvii
Notes on Contributors xix
Foreword xxix
Foreword: Implementation of the SDGs xxxi
Preface xxxv
Introduction 1
Part One: Overview and Context 9
Part Two: Where Will the Money Come From? Financing the SDGs 10
Part Three: Technology, Innovation, and Entrepreneurship 12
Part Four: Facilitating the SDGs by Legal Infrastructure Reform 15
Part I Overview and Context 17
1 The UN and Goal Setting: From the MDGs to the SDGs 19
Alma Pekmezovic
Introduction 19
What is Development? 20
Is There a Right to Development? 22
Measuring Economic Development 22
Measuring Non-Economic Aspects of Development 23
The Sustainable Development Goals (SDGs) 24
Situating the SDGs in the International Legal Framework 28
Theories of Development: Towards a New Theory of Sustainable Development 29
Economic Theories of Development 30
Cultural Theories of Development 30
Geographic Theories of Development 31
Institutional Theories of Development 32
A New Theory of Sustainable Development 34
Measuring Progress Towards the SDGs 34
Conclusions 35
2 SDGs and the Role of International Financial Institutions 37
Suresh Nanwani
Introduction 37
Response and Implementation of the SDGs by IFIs 38
Project Processing and Actions Taken by IFIs to Implement the SDGs, and Responses from Other Development Actors 44
Conclusion and Recommendations for IFIs to Meet SDG Goals and Targets 48
3 Towards a New Global Narrative for the Sustainable Development Goals 53
Iason Gabriel and Varun Gauri
Introduction 53
How SMART Are the SDGs? 55
Goals That Stretch 59
Goals That Inspire 62
Sloganising the SDGs 64
Towards a New Global Narrative? 66
Conclusion 69
4 Overcoming Scarcity: The Paradox of Abundance: Harnessing Digitalisation in Financing Sustainable Development 71
Simon Zadek
Scarcity: The Paradox of Abundance 71
Financing: A Systemic Challenge 72
Action on System Design 74
Digital Financing of the SDGs 76
Dilemmas: Digitalisation and Dark Financing 80
Sizing the Prize 82
What Next? 84
Concluding Comments 85
Part II Where Will the Money Come From? Financing the SDGs 87
5 The New Framework for Financing the 2030 Agenda for Sustainable Development and the SDGs 89
Alma Pekmezovic
Introduction 89
Sources of Development Finance 90
Domestic Public and Private Sources 90
Domestic Resource Mobilisation (DRM) 90
International Public and Private Finance 93
The Role of International Official Development Assistance (ODA) 94
Private Philanthropy 95
Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Investment Funds 96
Barriers to Greater Private Investment 97
The Role of Private and Blended Finance in Development 98
The Development Impact and Risks of Blended Finance 100
An Overview of Blended Finance Mechanisms 101
Innovative Financing Tools: Social Impact Bonds (SIBs) and Development Impact Bonds (DIBs) 102
Best Practices for Engaging the Private Sector 105
Conclusions 105
6 The Contribution of the International Private Sector to a More Sustainable Future 107
Martin Blessing and Tom Naratil
Ready and Able to Invest 108
Commercial and Investment Benefits 109
What is Needed to Mobilise Private Sector Money? 110
Partnerships for a More Sustainable Future 112
Partnerships to Rationalise Sustainable Investment Markets 112
Partnerships to Democratise Sustainable Investment Markets 116
7 Re-Orienting the Global Financial System Towards Sustainability 121
Alma Pekmezovic
Introduction 121
Background 123
The Legal and Regulatory Framework 125
Company Reporting: Sustainability Disclosure Requirements 128
Institutional Investors: Responsible Investing and Investing for Impact 132
Fiduciary Duties of Institutional Investors and Other Financial Intermediaries 136
Fostering Long-Term Sustainability 140
Conclusion 142
8 How Asset Managers Can Better Align Public Markets Investing with the SDGs 143
Emily Chew and Margaret Childe
Why the SDGs Could Transform Sustainability Investing 143
Implementing the SDGs as an Analytical Framework to Align Investing with the SDGs 145
Objectives of Manulife Investment Management's Approach to SDG-Aligned Investing 145
SDG Assessment Methodology Overview 147
Investable Themes 147
SDG Alignment Assessment 150
Exclusions 152
Applying the SDG Analytical Framework to the S&P 500 Index 152
The Current State of Corporate Goals with Respect to SDG Impact 153
The Current Opportunity Capture of SDG-Related Profit Opportunities 156
Areas in which Corporate Operational Conduct is Most Strongly Aligned with SDG Impact 159
What SDG Developments Can We Expect in the Public Markets Investor Community in 2020 and Beyond? 161
SDG-aligned Investing is Expected to Become Easier 162
Corporate Reporting on the SDGs Will Improve 163
Constructive Dialogue or Engagement with Companies is Necessary to Achieve the SDGs 163
A Call to Action 164
Disclaimer 165
9 The Significance of Sustainable Development Goals for Government Credit Quality 167
Alastair Wilson
Environmental Preservation Influences Credit Quality, Including Through the Impact of Climate Change on Growth and Institutions' Resilience to It 168
Social Risks Such as Poverty and Inequality Feed into Economic and Institutional Strength 170
Strong Institutions Are Closely Related to Ratings and Ratings Factors 174
SDGs Influence Government Credit Quality Through Different Channels, to Varying Degrees 176
Part III Technology, Innovation, and Entrepreneurship 177
10 FinTech for Financial Inclusion: Driving Sustainable Growth 179
Dirk A. Zetzsche, Ross P. Buckley, and Douglas W. Arner
Introduction 179
Financial Inclusion and Sustainability: Introducing the Long-Term Perspective 180
Financial Inclusion: Why It Matters 180
Two Sides of the Same Coin 181
FinTech as a Tool for the SDGs 181
FT4FI Initiatives 183
Four Pillars of Digital Financial Transformation 184
Experiences and Lessons 184
Financial Inclusion Initiatives Since 2008: G20 184
Financial Inclusion Initiatives Since 2008: AFI 185
FinTech and Financial Inclusion: The Foundation of Digital Financial Transformation 185
Pillar I: Digital ID and eKYC: Establishing the Foundation 186
Example: The Indian Aadhaar System 186
IrisGuard 187
Regional Approaches: eIDAS in the EU 188
eKYC and KYC Utilities 188
Example 1: South Africa Web-Based KYC Database 188
Example 2: India's e-KYC System 188
Example 3: eIDAS and eKYC 189
Synthesising the Lessons 189
Pillar II: Open Electronic Payment Systems: Building Connectivity 189
Mobile Money 190
Designing Regulatory Infrastructure for an Open Electronic Payments System 191
Pillar III: Account Opening and Electronic Government Provision of Services: Expanding Usage 192
Electronic Payment: Government Salaries and Transfers 193
Electronic Payment and Provision: Other Core Services 194
Pillar IV: Design of Financial Market Infrastructure and Systems: Enabling New Wider Development 195
Transforming Credit Provision: From Collateral and Microfinance to Cash Flow 195
Adding Insurance and Investments to Savings and Credit 196
M-Akiba 197
Building Better Financial Infrastructure 198
The EU Example: GDPR, PSD2, MiFID2 198
Developing a Comprehensive Strategy 198
Strategic Approach 198
The Challenge of Technology 198
Regulatory Sandboxes, Piloting, and Test-and-Learn Approaches 199
Balancing Inclusion with Other Regulatory Objectives 201
Designing Regulatory Systems: The Example of Mexico 201
Towards Inclusive and Sustainable Growth 202
11 Financing and Self-Financing of SDGs through Financial Technology, Legal, and Fiscal Tools 205
Jon Truby
Introduction 205
Self-Sufficient Financing and Achievement of SDGs through Tax Reform 207
Shifting the Tax Burden to Create a Double Dividend 207
Base Erosion and Digital Services Taxation 208
Digitisation of Tax Administration 209
Amendment of the Chicago Convention 210
Self-Sufficient Financing of SDGs through Financial Technology 212
Digitisation of Money 212
Digital Identity 214
Financing SDG 7 and Related Goals through Financial Technology 215
Offsetting Investments in Energy-Intensive Digital Currencies 215
Digital Token Investments 216
Conclusion 217
12 SDG Challenges in G20 Countries 219
Guillaume Lafortune and Guido Schmidt-Traub
Introduction 219
The SDGs as Problem-Solving Tools for Transformative Actions and Policies 229
Long-Term Planning and Back-Casting 230
Data and Monitoring 231
Financing 232
Technology Missions 233
Conclusion 234
13 The Future-Fit Business Benchmark: Flourishing Business in a Truly Sustainable Future 235
Geoff Kendall and Martin Rich
Introduction 235
The Journey Ahead 236
The World We Want 236
The World We Have (and How We Got Here) 236
The World We Can Create 238
Why a Systems View is Good for Business 240
A Star to Steer By 243
Current Assessment Methods Are Flawed 243
Starting with the End in Mind 244
How Much is Enough? 244
A Holistic View of Future-Fitness 245
A Practical Tool 246
Future-Fit Break-Even Goals 246
Future-Fit Positive Pursuits 248
Engaging Stakeholders More Effectively 250
Conclusion 251
14 Financing for Youth Entrepreneurship in Sustainable Development 253
Inna Amesheva, Alex Clark, and Julian Payne
The Role of Young Entrepreneurs in Sustainable Development 253
The Needs of Young Entrepreneurs Working on the SDGs 254
Barriers to Innovation and Scale 254
Supporting Young Entrepreneurs Working on the SDGs 257
The Financing Options Available to Young Entrepreneurs Working on the SDGs 258
Sources and Instruments of Finance for Young Entrepreneurs 259
Bridging the Gap Between Young Entrepreneurs and the SDGs 262
Sectoral Coverage 262
Geographical Coverage 264
Beyond Banks: Alternative Financial Structures for Youth-oriented Sustainable Development Initiatives 266
Prioritising Financial Interventions for Youth Entrepreneurs and the SDGs 267
Non-financial Services 268
Developing a Robust Investment Pipeline 270
Designing Youth-focused...
Notes on Contributors xix
Foreword xxix
Foreword: Implementation of the SDGs xxxi
Preface xxxv
Introduction 1
Part One: Overview and Context 9
Part Two: Where Will the Money Come From? Financing the SDGs 10
Part Three: Technology, Innovation, and Entrepreneurship 12
Part Four: Facilitating the SDGs by Legal Infrastructure Reform 15
Part I Overview and Context 17
1 The UN and Goal Setting: From the MDGs to the SDGs 19
Alma Pekmezovic
Introduction 19
What is Development? 20
Is There a Right to Development? 22
Measuring Economic Development 22
Measuring Non-Economic Aspects of Development 23
The Sustainable Development Goals (SDGs) 24
Situating the SDGs in the International Legal Framework 28
Theories of Development: Towards a New Theory of Sustainable Development 29
Economic Theories of Development 30
Cultural Theories of Development 30
Geographic Theories of Development 31
Institutional Theories of Development 32
A New Theory of Sustainable Development 34
Measuring Progress Towards the SDGs 34
Conclusions 35
2 SDGs and the Role of International Financial Institutions 37
Suresh Nanwani
Introduction 37
Response and Implementation of the SDGs by IFIs 38
Project Processing and Actions Taken by IFIs to Implement the SDGs, and Responses from Other Development Actors 44
Conclusion and Recommendations for IFIs to Meet SDG Goals and Targets 48
3 Towards a New Global Narrative for the Sustainable Development Goals 53
Iason Gabriel and Varun Gauri
Introduction 53
How SMART Are the SDGs? 55
Goals That Stretch 59
Goals That Inspire 62
Sloganising the SDGs 64
Towards a New Global Narrative? 66
Conclusion 69
4 Overcoming Scarcity: The Paradox of Abundance: Harnessing Digitalisation in Financing Sustainable Development 71
Simon Zadek
Scarcity: The Paradox of Abundance 71
Financing: A Systemic Challenge 72
Action on System Design 74
Digital Financing of the SDGs 76
Dilemmas: Digitalisation and Dark Financing 80
Sizing the Prize 82
What Next? 84
Concluding Comments 85
Part II Where Will the Money Come From? Financing the SDGs 87
5 The New Framework for Financing the 2030 Agenda for Sustainable Development and the SDGs 89
Alma Pekmezovic
Introduction 89
Sources of Development Finance 90
Domestic Public and Private Sources 90
Domestic Resource Mobilisation (DRM) 90
International Public and Private Finance 93
The Role of International Official Development Assistance (ODA) 94
Private Philanthropy 95
Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Investment Funds 96
Barriers to Greater Private Investment 97
The Role of Private and Blended Finance in Development 98
The Development Impact and Risks of Blended Finance 100
An Overview of Blended Finance Mechanisms 101
Innovative Financing Tools: Social Impact Bonds (SIBs) and Development Impact Bonds (DIBs) 102
Best Practices for Engaging the Private Sector 105
Conclusions 105
6 The Contribution of the International Private Sector to a More Sustainable Future 107
Martin Blessing and Tom Naratil
Ready and Able to Invest 108
Commercial and Investment Benefits 109
What is Needed to Mobilise Private Sector Money? 110
Partnerships for a More Sustainable Future 112
Partnerships to Rationalise Sustainable Investment Markets 112
Partnerships to Democratise Sustainable Investment Markets 116
7 Re-Orienting the Global Financial System Towards Sustainability 121
Alma Pekmezovic
Introduction 121
Background 123
The Legal and Regulatory Framework 125
Company Reporting: Sustainability Disclosure Requirements 128
Institutional Investors: Responsible Investing and Investing for Impact 132
Fiduciary Duties of Institutional Investors and Other Financial Intermediaries 136
Fostering Long-Term Sustainability 140
Conclusion 142
8 How Asset Managers Can Better Align Public Markets Investing with the SDGs 143
Emily Chew and Margaret Childe
Why the SDGs Could Transform Sustainability Investing 143
Implementing the SDGs as an Analytical Framework to Align Investing with the SDGs 145
Objectives of Manulife Investment Management's Approach to SDG-Aligned Investing 145
SDG Assessment Methodology Overview 147
Investable Themes 147
SDG Alignment Assessment 150
Exclusions 152
Applying the SDG Analytical Framework to the S&P 500 Index 152
The Current State of Corporate Goals with Respect to SDG Impact 153
The Current Opportunity Capture of SDG-Related Profit Opportunities 156
Areas in which Corporate Operational Conduct is Most Strongly Aligned with SDG Impact 159
What SDG Developments Can We Expect in the Public Markets Investor Community in 2020 and Beyond? 161
SDG-aligned Investing is Expected to Become Easier 162
Corporate Reporting on the SDGs Will Improve 163
Constructive Dialogue or Engagement with Companies is Necessary to Achieve the SDGs 163
A Call to Action 164
Disclaimer 165
9 The Significance of Sustainable Development Goals for Government Credit Quality 167
Alastair Wilson
Environmental Preservation Influences Credit Quality, Including Through the Impact of Climate Change on Growth and Institutions' Resilience to It 168
Social Risks Such as Poverty and Inequality Feed into Economic and Institutional Strength 170
Strong Institutions Are Closely Related to Ratings and Ratings Factors 174
SDGs Influence Government Credit Quality Through Different Channels, to Varying Degrees 176
Part III Technology, Innovation, and Entrepreneurship 177
10 FinTech for Financial Inclusion: Driving Sustainable Growth 179
Dirk A. Zetzsche, Ross P. Buckley, and Douglas W. Arner
Introduction 179
Financial Inclusion and Sustainability: Introducing the Long-Term Perspective 180
Financial Inclusion: Why It Matters 180
Two Sides of the Same Coin 181
FinTech as a Tool for the SDGs 181
FT4FI Initiatives 183
Four Pillars of Digital Financial Transformation 184
Experiences and Lessons 184
Financial Inclusion Initiatives Since 2008: G20 184
Financial Inclusion Initiatives Since 2008: AFI 185
FinTech and Financial Inclusion: The Foundation of Digital Financial Transformation 185
Pillar I: Digital ID and eKYC: Establishing the Foundation 186
Example: The Indian Aadhaar System 186
IrisGuard 187
Regional Approaches: eIDAS in the EU 188
eKYC and KYC Utilities 188
Example 1: South Africa Web-Based KYC Database 188
Example 2: India's e-KYC System 188
Example 3: eIDAS and eKYC 189
Synthesising the Lessons 189
Pillar II: Open Electronic Payment Systems: Building Connectivity 189
Mobile Money 190
Designing Regulatory Infrastructure for an Open Electronic Payments System 191
Pillar III: Account Opening and Electronic Government Provision of Services: Expanding Usage 192
Electronic Payment: Government Salaries and Transfers 193
Electronic Payment and Provision: Other Core Services 194
Pillar IV: Design of Financial Market Infrastructure and Systems: Enabling New Wider Development 195
Transforming Credit Provision: From Collateral and Microfinance to Cash Flow 195
Adding Insurance and Investments to Savings and Credit 196
M-Akiba 197
Building Better Financial Infrastructure 198
The EU Example: GDPR, PSD2, MiFID2 198
Developing a Comprehensive Strategy 198
Strategic Approach 198
The Challenge of Technology 198
Regulatory Sandboxes, Piloting, and Test-and-Learn Approaches 199
Balancing Inclusion with Other Regulatory Objectives 201
Designing Regulatory Systems: The Example of Mexico 201
Towards Inclusive and Sustainable Growth 202
11 Financing and Self-Financing of SDGs through Financial Technology, Legal, and Fiscal Tools 205
Jon Truby
Introduction 205
Self-Sufficient Financing and Achievement of SDGs through Tax Reform 207
Shifting the Tax Burden to Create a Double Dividend 207
Base Erosion and Digital Services Taxation 208
Digitisation of Tax Administration 209
Amendment of the Chicago Convention 210
Self-Sufficient Financing of SDGs through Financial Technology 212
Digitisation of Money 212
Digital Identity 214
Financing SDG 7 and Related Goals through Financial Technology 215
Offsetting Investments in Energy-Intensive Digital Currencies 215
Digital Token Investments 216
Conclusion 217
12 SDG Challenges in G20 Countries 219
Guillaume Lafortune and Guido Schmidt-Traub
Introduction 219
The SDGs as Problem-Solving Tools for Transformative Actions and Policies 229
Long-Term Planning and Back-Casting 230
Data and Monitoring 231
Financing 232
Technology Missions 233
Conclusion 234
13 The Future-Fit Business Benchmark: Flourishing Business in a Truly Sustainable Future 235
Geoff Kendall and Martin Rich
Introduction 235
The Journey Ahead 236
The World We Want 236
The World We Have (and How We Got Here) 236
The World We Can Create 238
Why a Systems View is Good for Business 240
A Star to Steer By 243
Current Assessment Methods Are Flawed 243
Starting with the End in Mind 244
How Much is Enough? 244
A Holistic View of Future-Fitness 245
A Practical Tool 246
Future-Fit Break-Even Goals 246
Future-Fit Positive Pursuits 248
Engaging Stakeholders More Effectively 250
Conclusion 251
14 Financing for Youth Entrepreneurship in Sustainable Development 253
Inna Amesheva, Alex Clark, and Julian Payne
The Role of Young Entrepreneurs in Sustainable Development 253
The Needs of Young Entrepreneurs Working on the SDGs 254
Barriers to Innovation and Scale 254
Supporting Young Entrepreneurs Working on the SDGs 257
The Financing Options Available to Young Entrepreneurs Working on the SDGs 258
Sources and Instruments of Finance for Young Entrepreneurs 259
Bridging the Gap Between Young Entrepreneurs and the SDGs 262
Sectoral Coverage 262
Geographical Coverage 264
Beyond Banks: Alternative Financial Structures for Youth-oriented Sustainable Development Initiatives 266
Prioritising Financial Interventions for Youth Entrepreneurs and the SDGs 267
Non-financial Services 268
Developing a Robust Investment Pipeline 270
Designing Youth-focused...
Details
| Erscheinungsjahr: | 2019 |
|---|---|
| Fachbereich: | Wirtschaft International |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Seiten: | 432 |
| Inhalt: | 432 S. |
| ISBN-13: | 9781119541813 |
| ISBN-10: | 1119541816 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: |
Pekmezovic, Alma
Walker, Gordon Walker, Julia |
| Hersteller: | John Wiley & Sons Inc |
| Maße: | 230 x 163 x 30 mm |
| Von/Mit: | Alma Pekmezovic (u. a.) |
| Erscheinungsdatum: | 30.08.2019 |
| Gewicht: | 0,728 kg |
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