EU advisory group begins work on addressing financial deficit in partner countries
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…Nigeria’s Kenneth Amaeshi, Uche Orji in
The High-Level Expert Group (HLEG) on scaling up sustainable finance in low and middle-income countries met for the first time on Tuesday, 27 September, in Brussels, the capital city of Belgium, to address the challenges and opportunities of sustainable finance in partner countries.
Kenneth Amaeshi, professor of Business and Sustainable Development at the University of Edinburgh, Scotland and professor of Sustainable Finance and Governance at the School of Transnational Governance, Italy, as well as Uche Orji, managing director/CEO, Nigerian Sovereign Investment Authority, are part of the group of 20 senior experts from civil society, the finance sector, academia and observers from European and international institutions tasked with the role of identifying how the European Commission could in a Team Europe approach contribute to bringing about the needed financing from the private sector for the massive investments required to tackle the most pressing global challenges and ensure sustainable development.
Over the next nine months, the group is expected to propose recommendations to the Commission on how to scale up funding from the private sector, which will inform a comprehensive commission strategy to scale up sustainable finance in low-and middle-income countries.
The recommendations, expected to be presented around mid-2023, will also be instrumental in bridging the investment gap in partner countries and to implement the EU Global Gateway strategy.
In a European Commission press release, Jutta Urpilainen, commissioner for international partnerships, noted that Russia’s war of aggression in Ukraine and its economic fallout has dramatically impacted countries around the world, increasing the funding gap needed to achieve the Sustainable Development Goals (SDGs).
According to the statement, public resources continue to play an important role in creating fundings, but this is not enough to effectively address the financial challenges.
“As Team Europe, we are stepping up our efforts to bring in private capital towards sustainable investments. I look forward to the recommendations of the High-Level Expert Group. These will feed into the EU’s forthcoming EU sustainable finance strategy for low and middle-income countries that will underpin and boost the delivery of Global Gateway,” Urpilainen said.
Speaking after HLEG’s inaugural meeting, Amaeshi, who is also chief economic adviser to the Imo State government in Nigeria on a part-time basis, expressed his excitement to work on emerging sustainable finance frameworks for low- and middle-income countries with a group of highly qualified and passionate group members.
“Beyond the work we will do, being a member of the High Level Expert Group is a recognition of the strong capability of the School of Transnational Governance and the European University Institute in this space, and provides an opportunity to further showcase that expertise on a global platform,“ he said.
The High-Level Expert Group also has as members Ayaan Adam, senior director and chief executive officer, African Finance Corporation Capital Partners; Obaid Amrane, chief executive officer, Ithmar Capital; Antoni Ballabriga, global head of responsible business, Banco Bilbao Vizcaya Argentaria; Hans-Ulrich Beck, global head, ESG Products/executive vice-president, product strategy and development, Sustainalytics; Ganesh Das, chief – Collaboration & Innovation; Michael Gotore, chief financial officer, Namibia Power Corporation; Nadja Håkansson, senior vice-president Hub Africa, Siemens Energy Africa; Laetitia Hamon, head of sustainable finance, Luxembourg Stock Exchange; Martin Jonasson, general counsel, Andra AP-fonden; and Judy Kuszewski, chair, Global Sustainability Standards Board, Global Reporting Initiative.
Others are Elodie Laugel, chief responsible investment officer & executive committee member, Amundi; Senida Mesi, Leadership Council member, Sustainable Development Solution Network (SDSN); Nicola Ranger, head of sustainable finance research for development, Oxford Sustainable Finance Group, University of Oxford; Alice Ruhweza, regional director for Africa, World Wide Fund for Nature (WWF); Thede Rüst, head of emerging markets debt boutique, Nordea Asset Management; Zalina Shamsudin, head of international programmes, Asia Pacific, Climate Bonds Initiative; Claus Stickler, global co-lead, Allianz Investment Management; and Iker Vinagreiras, head of ESG Solutions, Bolsa Institucional de Valores.
The 20 experts will be supported by an additional 20 observers from the European development finance institutions and multilateral development banks, together with relevant international organisations including African Development Bank (AfDB), Spanish Agency for International Development Cooperation (AECID), Asian Development Bank (ADB), Cassa Depositi e Prestiti (CDP), Coalition of Finance Ministers for Climate Action, European Bank for Reconstruction and Development (EBRD), European Development Finance Institutions Association (EDFI Association), European Investment Bank (EIB), and Finnish Fund for Industrial Cooperation Ltd (FINNFUND).
The Netherlands Development Finance Company (FMO), as well as International Monetary Fund (IMF), Inter-American Development Bank (IADB), International Platform for Sustainable Finance (IPSF), Kreditanstalt für Wiederaufbau (KfW), Organisation for Economic Co-operation and Development (OECD), Proparco (on behalf of AFD group), the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), United Nations Development Programme (UNDP), United Nations Environment Programme – Finance Initiative (UNEP-FI), and World Bank Group will also provide support to the group.