The urgency to drive private finance into addressing developing countries’ climate needs was addressed at the second Private Climate Finance Policy Dialogue during the United Nations Climate Change Conference— COP 27—held in Sharm El-Sheikh, Egypt. The event was held as discussions on financing countries’ climate priorities topped the agenda for COP27.
The session brought together policy leaders, climate finance negotiators, and private sector finance leaders to enhance each other’s understanding and awareness of national climate priorities and private sector perspectives. They focused on the ongoing climate negotiations and the trillions of dollars needed per year globally of largely private-sector investment and finance. These resources are needed by developing countries as they transition to a low-carbon society.
Ambassador Diann Black-Layne co-chaired the meeting with the Vice President of CITI Mr. Ray Collins. Ambassador Black-Layne acknowledged that having such dialogues was important, particularly, as losses and damages from climate change increase across the world resulting in countries struggling to adapt to the negative impacts.
“The dialogue was helpful as the United Nations Framework Convention on Climate Change moves to set a new climate finance target from the USD100 billion already established in Paris in 2015,” said Ambassador Black-Layne. “The meeting was designed to hear from investors, who are eager to be a part of the energy transition as well as adaptation projects and are looking for bankable projects to invest in world wide.”
The latest data on international climate finance promised by developed countries to help developing countries address climate change by 2020, shows it fell USD 17 billion short of the USD 100 billion agreed.