Financial Superintendency of Colombia urges global credit markets to redirect financing toward climate action

The Financial Superintendency of Colombia published a summary of Superintendent César Ferrari’s remarks at a CELAC–Africa High-Level Forum panel on global climate finance, calling for the global financial system to increase efforts to address climate change by changing where financing flows. Ferrari argued that private credit markets, which he put at around 35% of GDP, allocate too few resources to climate action, limiting impact. He also noted that Colombia’s capital market is approximately 1.1% of GDP despite being where instruments such as thematic bonds and other mechanisms to channel green finance are traded. He called for reorienting credit markets toward green and sustainable projects and for adjusting project evaluation criteria to avoid supporting initiatives that negatively affect humanity while promoting those aligned with sustainable and resilient development. The panel included representatives from Colombia’s National Planning Department, the Inter-American Development Bank, international organisations focused on natural resource governance, civil society networks, and African leaders linked to environmental and sustainable development movements.