IISD/CFO: On the first day of the Second Workshop on Long-term Finance, held in Cape Town, South Africa, participants first heard keynote speeches. Via videolink, Sizwe Nxasana, CEO, FirstRand Limited, noted that governments alone cannot make the shift to a low-carbon economy and underlined the importance of involving all stakeholders. He called for regulations and legislation to play an enabling role in driving further investments. Those interested in attending the meeting can find a number of flight options to South Africa.
The first session on scaling-up of climate finance and sources then convened and addressed:the potential of existing, new and innovative sources of climate finance in the short, medium and long term; various approaches and possible strategies for mobilization of scaled-up climate finance from multiple sources; and the potential role of the UNFCCC in unlocking and/or catalyzing climate finance at all levels.
During the presentations, Mattia Romani, London School of Economics and Green Global Growth Institute, stressed that approximately US$50 billion could be raised relatively quickly from public sources with a carbon price of US$20-25, noting the need for international coordination and collaboration with the private sector in order to unlock these sources.
Nick Robins, HSBC, via videolink, stressed that the institutional investor and banking entities have entered as a new stakeholder in the discussions on climate finance. He said new regulatory initiatives have not taken into account sustainable development and low-carbon growth, and emphasized the incipient demand for long-term assets.
Participants then convened in three breakout groups to further discuss the specific issues raised for this session.
Climate Finance Option Platform
This Platform aims at providing comprehensive guidance on financial options available for climate action in developing countries. Here you can find information on where to access the wide range of funds available from multilateral and bilateral institution, as well as public and private sources. Learn more on how these funds are governed and whether your project is eligible. Users are invited to be a resource to share their experiences with investment projects and offer feedback and comments on ongoing projects.
This Climate Finance Options Platform, launched under the chapeau “Acting on Climate Change: The UN System Delivering As One”, addresses information needs on the multitude of funds available for climate action in developing countries. Based on the UNFCCC framework, the service is composed of two complementary domains (the other is led by UNFCCC) both of which will help to catalyze financial and investment flows for more effective climate action. Please direct enquiries about the site to Daniel Buckley.
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