Financing the transition towards low-carbon and climate-resilient economies in developing countries
Webinars - By : Louise KESSLER, PhDTime : Monday, 14th November, 12.15 – 13.45 (Paris time)
Location: UNFCCC pavilion and online
Organizing: I4CE
Governments have a key role to play in transforming the Paris Agreement and SDG targets into credible, legally binding domestic targets, strategies, and policies. Specifically, governments need to put in place policies and regulatory frameworks which are conducive to climate investments, i.e. investments that are needed for countries to structurally transform their economies in order to achieve the net zero global objective. National transformations then need to be championed by private actors and non-governmental institutions.
The key issue today is not that countries run short on policy options for climate action, but rather face financing issues to undertake the necessary investments, create the right economic incentives, and manage the economic implications of achieving net zero targets and climate resilient development.
Three main challenges related to the financing of the transition can be identified:
- Challenge #1: Mobilizing significant budgetary resources and redirecting public finance flows towards mitigation and adaptation solutions. This is particularly true in developing countries, where there is a strong need for better climate investment conditions and governance.
- Challenge #2: Aligning the financial system with national and international low-GHG and resilience targets and facilitating the engagement of the private sector. Innovative instruments can be enacted to facilitate such engagement.
- Challenge #3: Strengthening international governance for the consistent commitment of public resources towards climate action. The provision of concessional finance, and the de-risking of climate assets should be closely considered to facilitate the financing of net zero strategies and a resilient transition.
The first part of this event focused on the main challenges countries face in financing the transition. The second part of the event discussed potential solutions and reforms that can be implemented.
Moderator: Benoit Leguet (I4CE)
Program:
13.15 – 13.25 : Introduction
- Keynote speech by Laurence Tubiana (ECF)
13.30 – 13.45 : Part 1 « Reorganizing financial flows to finance sectoral transitions: overview of challenges » with CAN-LA, GFLAC, Speaker TBC
13.45 – 14.45 : Part 2 « Financing the transition: how to move forward »
- with ITDT and I4CE
- rountable
- Graham Watkins, IDB;
- Hassan Agouzoul, Morocco;
- Luis Fierro, Ecuador;
- Representative from The Gambia (tbc);
- Representative from Barbados (tbc);
- Private finance perspective (tbc).
