Enabling Policy Environments: How Paragraph 34 Can Catalyse Capital

In this episode, Nathan Fabian , Chief Sustainable Systems Officer at the PRI, explores how global policy frameworks are evolving to unlock private capital for sustainable development. He is joined by Helena Viñes Fiestas , Commissioner at the Spanish Financial Markets Authority and Co-Chair of the Taskforce on Net Zero Policy, and Eric Usher , Head of the UN Environment Programme Finance Initiative (UNEP FI) and PRI Board member. The discussion focuses on the outcomes of the Fourth International Conference on Financing for Development in Seville and the significance of Paragraph 34 of the Seville Commitment , a milestone recognising the role of well-functioning financial markets in delivering the Sustainable Development Goals. Overview As public finance comes under pressure, governments are increasingly focused on creating enabling environments that attract long-term private investment, particularly in emerging and developing economies. Helena and Eric explain why Paragraph 34 marks an important shift: embedding issues such as transparency, disclosures, taxonomies and market integrity into a multilateral development framework. They discuss how this convergence of development, climate and financial policy could help mobilise capital at scale, if implemented effectively. Detailed coverage From development aid to market-based solutions Eric explains how financing for sustainable development has traditionally focused on public finance, debt and governance, but is now recognising the need for private capital and functioning financial markets to deliver long-term outcomes. Policy momentum beyond Europe and North America Helena shares findings from the Taskforce on Net Zero Policy, showing that most new sustainable finance policies adopted last year emerged outside Europe and North America, particularly across Asia-Pacific. She highlights why global companies and investors will increasingly need to align with these frameworks. What’s inside Paragraph 34 The guests outline how Paragraph 34 references a broad set of tools, from sustainability disclosures and taxonomies to market transparency, covering environmental and social objectives across the SDGs. Development banks, DFIs and private capital Both guests reflect on the growing role of development finance institutions (DFIs) in de-risking investments and creating pathways for pension funds and asset managers to invest in emerging markets. Taxonomies and interoperability With over 50 taxonomies now in development globally, the discussion explores why interoperability, rather than a single global standard, is essential for attracting international capital while reflecting local economic realities. From policy design to implementation Helena highlights lessons from Europe’s experience: the need for better engagement with industry, tailored approaches for SMEs, capacity building for supervisors, and a stronger balance between incentives and regulation. The responsibility of investing In closing reflections, Eric emphasises dynamic materiality and the role of science in understanding long-term risk, while Helena highlights the growing responsibility of investors, and citizens, to align capital with sustainable outcomes. For more information on the compromiso de sevilla, see our blog: Chapters 00:00 - Introduction 01:30 - Paragraph 34 explained 08:20 - Global policy momentum 16:40 - Contents of paragraph 34 24:10 - Implementation challenges 32:20 - Taxonomy interoperability 42:15 - Market expectations 49:40 - Enforcement and lobbying 56:20 - Responsibility of investing Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

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Enabling Policy Environments: How Paragraph 34 Can Catalyse Capital is an episode from PRI Podcasts by The PRI.

This episode is 45:48 long.

This episode was published on Jan 13, 2026.

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