COP28 Episode Three
How do we fund a just transition?
As thoughts turn to Finance at COP28, there is a general consensus that bringing together the private and public sector is essential if we are to fund the infrastructure needed for a Net Zero economy. No one can do this alone.
This is why Noel Quinn of HSBC calls for collaboration between public and private sectors to finance the immense infrastructure development needed, while still aiming to achieve net-zero emissions by 2050. John Leo Algo, national coordinator of Aksyon Klima Pilipinas, asserts that adequate climate finance exists globally, but the challenge lies in unlocking the resources to access it.
The Right Honourable Patricia Scotland KC raises concerns about the unmet $100 billion climate finance commitment from 2009. She focuses on the need for equitable distribution of funds to countries in the Global South, who disproportionately suffer from climate change impacts. Tana Steele CBE, CEO of WWF, echoes the critical need for financial support for vulnerable nations, especially small island states, and calls for financial institutions to reevaluate their investments to foster a sustainable economy.
Progress has been made, however, and Sam Teicher, co-founder of Coral Vita, praises the increase in funding and solutions for ocean conservation, specifically the Global Fund for Coral Reefs.
Marc Andre-Blanchard of CDPQ emphasises the role of institutional investors, who control half of the world's investable capital. They have the power to drive climate solutions through blended finance, which combines resources from various sectors to build necessary infrastructure.
Finally, Rachel Malka Barr of Tech Propel celebrates the announcement of over a billion dollars in funding for methane reduction, marking a shift from dialogue to action at COP28.
These interviews illustrate the urgency of financial innovation and collaboration in combating climate change, highlighting the vital role of finance in accelerating the transition to a sustainable future.
