Economists and finance leaders from around the globe have agreed to come up with recommendations for a global climate finance framework and roadmap at the Cop28 meeting in the United Arab Emirates in November.
“For too long, climate finance has divided the international community and held back progress in tackling climate change and supporting countries most impacted by it. But climate finance is the issue that lies at the core of the Cop28 agenda because finance is how we transform goals into reality,” said Sultan Al Jaber, president of the summit.
The two-day meeting held earlier this month included representatives from the World Bank and the International Monetary Fund (IMF), as well as the Independent High-Level Expert Group (IHLEG).
Former Bank of England governor Mark Carney and former US Treasury secretary Larry Summers were also in attendance. The IMF and the Central Bank of the United Arab Emirates had previously met to discuss various issues including green financing
The group agreed to address debt distress in vulnerable countries, as well as the role of the private sector in addressing green financing gaps.
Private capital will need to be unlocked, as all forms of finance need to become “more available, more accessible, and more affordable” to meet the US$2.4tn investment needed annually by 2030 to address climate change, Al Jaber said.
The anticipated roadmap is meant to be a guide for institutions to achieve their Paris agreement goals. The meetings and work towards raising the necessary funds to support the transition to net zero won’t be enough if they don’t “accelerate implementation”, said Vera Songwe, co-chair of the IHLEG.
“Over the last few months every corner of the world has been hit by a climate event. We must act fast, collectively and at scale to turn these climate disruptions into a growth opportunity for people and planet,” she said.
This page was last updated August 25, 2023
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