A report from the climate finance workshop held at the UN Climate talks
Amid the buzz of the high level negotiations taking place at the UN Climate Conference in Bonn, CAN-Europe drew in a large number of participants for a side event on private sector climate finance. The event, organized in cooperation with ACTAlliance, further highlighted the urgent need for greater attention to be placed on climate-related projects generated by private investment.
Chaired by the Malawian delegation, the workshop kicked off with an insight into how developing countries are approaching the implementation of private sector finance and investment. This was illustrated by examples from the Pakistani UN delegation, with later input coming from the government of Samoa. It continued with the presentation of findings from two recent reports on private finance.1
Next, discussions turned to the private sector itself. Investment and development banks explained their perspectives and how they see the role of private finance in tackling climate change.
The issue of monitoring and reporting dominated the discussion, along with the need for clear definitional terms within the sector. The needs of communities most affected by climate change were pegged as being the priority for any project plan. However, unsurprisingly this is not wholly compatible with the very ideals of private investments as they seek profit and return on investments. It was this issue that dominated the discussion on the day and prevails in the wider debate.
What can be taken away from the workshop?
Greater focus on climate finance is required and more action needs to be taken. CAN-Europe will continue to engage with concerned stakeholders and work to ensure that this issue becomes a priority for decision makers in Europe and the wider UN process.
Speakers & Respondents included: Mattias S?derberg (ACT Alliance); Farrukh Khan (Pakistani Delegation); Javier Pereira (European organization for debt and development); Elina Bardram (DG CLIMA, European Commission); Matthias Zoellner (European Investment Bank); Christa Clapp (OECD); Jochen Harnisch (Kfw Development Bank); Mark Storey (Swedish Delegation); Aliioaiga Feturi Elisaia (Samoan Delegation).
1 ‘Will the private sector pay the climate bill?’ by DanChurchAid and ‘Cashing in on climate change?’ by Eurodad. Assessing whether private funds can leveraged to help the poorest countries respond to climate challenges’.