Finance is one of the most important factors when implementing climate action, therefore it has been at the centre stage of the UNFCCC process and the Paris Agreement negotiations. At COP26, in Glasgow, finance was again at the heart of discussion and many of the parties present have agreed to deliver on their commitments financially.
On Wednesday 9th of November, many aspects of climate finance will be discussed during Finance Day, including the tools and policies needed to increase the access and the scale of climate finance. They will discuss financial instruments that will help to innovate and blend finance.
Several events will also occur, the schedule is as follows:
1. Kick-off: Opening Speech by the Prime Minister – Climate Finance in a Polycrisis Era
This event will introduce Finance Day, the main challenges and opportunities surrounding climate finance will be highlighted.
2. Public Finance/Policy – Sovereign Debt for Nature and Climate Investment
This session will focus on the developing countries that are facing unsustainable public debt. Discussions will take place regarding the re-conceptualisation of debt for climate, the tools needed, and methods to reallocate SDRs.
3. Public Finance/Policy – Reducing the Cost of Green Borrowing
In order for the green energy transition to be successful there needs to access to finance. Currently, the cost of capital differs between different regions and access to low-cost finance is uneven. Solutions, deals, commitments, and pledges will be discussed to reduce green loan costs.
4. Role of Platforms to Ensure Just Transition in Africa
Increasing the energy transition must be just and equitable, especially for those that live in communities where their livelihoods rely on emissions-intensive sectors.
5. Financing Adaptation – Challenges and Opportunities
Financing for adaptation and resilience is needed as the temperatures continue to rise. The session will discuss plans and the bankability of adaptability projects, as well as how they will attract investors.
6. Special Role of MDBs and Philanthropies in Unlocking Climate Finance
Climate finance is not growing at the rate that is needed, to help developing countries increase their access to climate finance there is a solution to seek below market loans.
7. Encouraging the Role of the Private Sector in Climate Related Initiatives and Climate Transition – GFANZ
Discuss solutions to create a roadmap to remove the roadblocks that face private finance.
8. Africa: From Needs to Access (Integrating the outcomes of the ICF-African Ministers of Finance and Environment)
This session is to integrate the outcomes of the ICF-African Ministers of Finance and Environment Meetings.
9. Role of Financial Regulatory Bodies to Facilitate Climate Finance
In the facilitation of climate finance, financial regulators are integral. As they act as innovative policy and regulatory approaches.
10. Meeting of the Coalition of Finance Ministers for Climate Action
This session allows finance ministers to reflect on their commitments.
11. Ministry of International Cooperation Guidebook for Just Financing
COP27 Presidency initiative launch.
12. Financing Loss and Damage – Challenges and Opportunities
This session will ask for the acknowledgment and financing of loss and damage to be called upon.
13. Voice of Africa
The heads of the African sovereign wealth funds will meet to ensure resources are mobilised, and to invest in investments and public-private-partnerships for climate action.