How to mobilize private climate finance | The Manila Times

The article discusses the urgent need for global action to address the devastating effects of climate change, particularly in the context of the upcoming COP29 conference. It highlights the disproportionate impact on countries that have contributed least to the climate crisis and emphasizes the necessity for these nations to strengthen their green ambitions and build resilience against climate-related hazards. The article calls for a massive mobilization of finance to achieve net-zero emissions by 2050 and to support climate mitigation and adaptation efforts. Denmark s successful transition from fossil fuels to renewable energy is cited as an example of the potential for rapid and large-scale shifts in energy systems. The article also points out the significant investment gap in emerging-market and developing economies (EMDEs), which require an estimated $2.4 trillion annually by 2030 for climate- and nature-related investments. To address this gap, the article proposes three changes for development-finance institutions (DFIs): 1. Funding the development of a massive pipeline of green investments and climate adaptation projects, including early-stage large-scale projects and new technologies. 2. Scaling up the use of de-risking instruments, such as loan guarantees and insurance, to unlock private finance and reduce perceived risks in developing countries. 3. Mobilizing both external and domestic pools of capital, such as pension funds, to invest in green and sustainable projects in EMDEs. The article also highlights the Investment Mobilization Collaboration Arrangement, a joint initiative by Denmark, the Nordic countries, and the United States, which aims to channel billions of dollars in climate finance toward mitigation and adaptation efforts by 2026. In conclusion, the article urges governments, philanthropists, and private-sector partners to join forces in shaping a meaningful contribution to address the climate crisis. It emphasizes the need for a rapid and comprehensive response to the accelerating climate crisis and calls for a focus on blended finance solutions in international discussions leading up to COP29.

Source: manilatimes.net
Published on 2024-10-04

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