The Worldwide Financial Fund, COP28 President‑Designate, and UN Special Envoy for Climate Action and Finance have called for measures to accelerate climate action and finance. This was announced by the IMF Press Centre, with a copy obtained by the Information Company of Nigeria on Wednesday in Abuja. The statement noted that Kristalina Georgieva, Managing Director of the IMF, and Dr. Sultan Al Jaber, COP28 President‑Designate, co‑chaired a round‑table dialogue on Tuesday to discuss actions needed to urgently speed up climate action and finance. Mark Carney, UN Special Envoy for Climate Action and Finance and co‑Chair of the Glasgow Financial Alliance for Net‑Zero, also co‑chaired the IMF‑hosted dialogue. Participants included representatives from governments, international financial institutions, development banks, philanthropic organisations, and private financial institutions dedicated to net‑zero.
In response to the statement, climate change was identified as one of the most pressing macro‑economic and financial stability challenges facing IMF members in the coming years. Capital was described as a critical enabler of climate action, yet it is not reaching the people and regions that need it most. “As massive public investments to reduce emissions and build resilience are required, we need a decisive shift to mobilise public and, especially, private finance,” the statement said. This includes significantly more concessional finance to de‑risk and channel private‑sector capital more effectively to developing and emerging economies, and requires both private and public sectors to finance all aspects of the energy transition—scaling clean energy and accelerating the phased‑out of fossil fuels.
To achieve these goals, all countries need robust climate finance policies that accelerate the transition and stronger mechanisms to promote collaboration and risk‑sharing among stakeholders. Improved coverage, regulatory, technological and data frameworks, as well as financial toolkits, can help mobilise private capital and broaden the investor base, particularly in developing and emerging economies. Participants recognised areas of work within their mandates that must be accelerated on the road to COP28, including making the financing environment more conducive to climate finance. Specific actions discussed included identifying barriers that hinder private‑sector climate finance and using innovative financing instruments to scale private funding in developing economies, as well as proposing reforms to strengthen macro‑economic and financial stability by reducing climate‑related risks.
The members agreed to continue collaborating between now and COP28 in Dubai and beyond to define and implement concrete measures toward shared targets. “By working together, we can scale up climate finance so the trillions of dollars needed become available as soon as possible,” they said. “We must find ways to accelerate the partnership between public and private finance to meet climate goals.”
IMF Managing Director Georgieva was quoted: “The impacts of global warming are already destroying lives and livelihoods. We need a step change in our financing approach to redirect trillions of dollars toward solving the climate problem. To get there, stronger cooperation and partnerships across the public and private sectors are essential—there is no time to waste.” Carney added: “To ensure that the net‑zero revolution in private finance benefits all countries, we need a greener and more efficient multilateral financial system.” Al Jaber stated: “Capital and finance are among the most essential enablers of climate action and sustainable economic growth, yet they are not reaching the people and regions that need them most.” He highlighted that vulnerable communities in the Global South lack sufficient, affordable climate finance, noting that only 20 % of clean‑tech funding goes to developing countries, which house over 70 % of the world’s population. The least‑developed countries receive less than 2 cents per dollar spent. “Behind each number are real lives, people, and communities who deserve the right to fulfil their potential and contribute to sustainable global prosperity,” Al Jaber said. He called for tripling the amount of money available by 2030 for clean‑tech funding, adaptation finance, and a just energy transition in developing economies and urged urgent fundamental reforms to meet both climate and development targets.
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