Financial crises, ethical banking scandals, and corporate cases of greed are some of the dark sides of the financial sector. But what is even worse: too much capital continues to finance unsustainable development.
In other words, the current global financial system is not fit for purpose, and too little capital flows to meet the financing needs in support of sustainable development.
But this can be changed – and the use of new technologies is key.
Fintech in support of the SDGs
The use of smartphones for mobile banking, investing services and blockchain-based cryptocurrency are examples of so-called fintech (financial technology) solutions that many existing financial institutions are implementing in order to improve and develop their services to remain competitive.
But what if these innovative tech efforts were applied for the greater good? What if digital finance, including the use of big data, artificial intelligence, blockchain and the Internet of Things (IoT), were applied in order to fund and accelerate the Sustainable Development Goals (SDGs)?
This is exactly what the international Sustainable Digital Finance Alliance is working for.
Industry alliances = impactful change
Financing sustainable development is one of the greatest challenges of our times, and annual investments of US$5-7 trillion will be needed over the next fifteen years to achieve the SDGs.
So aligning the global financial system with sustainable development, and reshaping it to mobilize and deploy these kinds of investments by applying digital finance and fintech-powered business innovations is a key objective for the international initiative, Sustainable Digital Finance Alliance (SDFA).
In order to achieve this objective, SDFA focuses on driving change in the following three outcome areas:
- Policy engagement: Improving the knowledge-base through research and analysis of leading sustainable digital finance practice and potential. The SDFA has been knowledge partner to the G20 working group on green finance and is currently knowledge partner to the UN SG’s Task Force for Digital Financing of the SDGs.
- Community: Creating a network of fintechs, financial players, policy makers and other stakeholders that collaborate and promote sustainable digital finance practices at national and international levels.
- Country: Supporting action at the country level to pilot innovative approaches and take successes to scale.
“No one company can address systemic sustainability challenges on their own. In sustainable digital finance, an eco-system approach is required as regulation plays a decisive important role in enabling scaling. It requires a joint effort across public and private actors. This is the reason why we’re right now seeing the emergence of a wide range of system-wide alliances in support of the SDGs,” explains Director of the Alliance, Marianne Haahr, who has worked in the intersection of sustainability and technology as well as building inclusive value chains over the past decade.
Get more “how-to” insights from the Sustainable Digital Finance Alliance 10th May in Copenhagen
Want to learn more about how industry alliances can be mobilized in support of the Sustainable Development Goals? And how new technology can be linked in order to accelerate and scale these joint efforts?
Then join The Social Business Club miniconference “Sustainability & Tech” on May 10th in Copenhagen, where you can meet the Director of the Sustainable Digital Finance Alliance, Marianne Haahr.
Here Marianne will share how Sustainable Digital Finance Alliance works to advance financing for sustainable development through digital technologies & innovations.
Marianne will also share her experience to give inspiration for how other sectors can apply similar principles and technologies to drive sustainable markets in their own industry.
The event will also give you practical insights & concrete inspiration from:
- The social business expert who provides an overview of key concepts, global trends & cases on sustainability & tech (Tania Ellis, Special Advisor & Founder, The Social Business Company)
- The commercial IT company that applies innovative technology solutions to improve livelihood opportunities in rural communities (Marie Højgaard Berg, Partnership Manager, Bluetown)
- The forward-looking NGO that applies blockchain technologies in new business alliances to improve supply chain transparency in the protection of Nature (Tobias Trier Fuglsang, Advisor Innovation and Market Transformation, WWF)
Throughout the programme we will discuss, network and exchange experience and thoughts on how you can accelerate your own sustainability efforts through the use of technology.
The Social Business Club is an inspirational network forum for professionals with an interest in innovative and sustainable business practices that create value for society and the bottom line. Free sign-up at www.thesocialbusinessclub.com