World-leading economies race to close climate financing target

World-leading economies are rolling up their sleeves to achieve a Sh345.6 trillion ($2.4 trillion) annual investment by 2030 in a bid to address the climate crisis.

A two-day meeting of world-leading economists and finance leaders convened by the COP28 Presidency has delivered consensus on the key next steps needed to establish a new framework for international climate finance and to drive progress at COP28 and beyond to COP30.

Those assembled agreed that they will come to COP28 with recommendations on a new framework for international climate finance, as well as a definitive roadmap on how to implement the recommendations.

Agreement on the roadmap at COP28 will allow leaders across the public, private and third sectors to drive forward a clear plan of action on international climate finance. All participants were unanimous in their agreement that finance is fundamental to enabling the delivery of solutions to enable the transition to a net zero, climate-resilient future.

They also agreed that the primary focus of their work would be to rapidly increase international climate finance to support emerging markets and developing economies' mitigation and adaptation initiatives.

The COP-28 President-Designate Dr Sultan Al Jaber opened the meetings with a clear call to action for those attending to deliver "a detailed action-oriented framework and tangible recommendations that lead to real results".

"For too long, climate finance has divided the international community and held back progress in tackling climate change and supporting countries most impacted by it. But climate finance is the issue that lies at the core of the COP28 agenda because finance is how we transform goals into reality," said Dr Jaber in his recommendations.

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This new framework needs to be comprehensive. It needs to cover both adaptation and mitigation. And it needs to unlock a supercharged stream of private capital. All forms of finance must be made more available, more accessible, and more affordable," he added.

Lord Nicholas Stern, co-chair of the IHLEG, said: "We are all in no doubt of the urgency of the challenges, of the scale of the problems that we must tackle, and of the global action necessary to rise to these challenges. This is a moment where all stakeholders must step up, including the MDBs, their shareholders, and the private sector. We will continue to work with the COP28 Presidency to drive forward in the weeks ahead."

"Over the last few months every corner of the world has been hit by a climate event. We must act fast, collectively and at scale to turn these climate disruptions into a growth opportunity for people and planet," said Dr Vera Songwe, co-chair of the IHLEG.

"The IMF is committed to ensuring climate policy support and finance are reaching those most in need," stated Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).

Adding that: "We look forward to partnering with all stakeholders in the lead up to COP28 and working to drive stronger partnerships between the public and private sector for climate success."