Asia Pacific Finance Forum calls for local and regional approach to unleash blended finance
25 August, Bangkok, Thailand – The second of the “Regional Financial Forums” – organized by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the incoming Egyptian Presidency of COP27 and high-level champions on climate change for COP26 and COP27 – concluded in Bangkok.
Hosted at ESCAP headquarters, it continues a series of forums launched last month, focused on implementing and implementing urgent short-term actions, as well as accelerating progress to catalyze opportunities. of future.
The High Level Champion for Egypt, Dr Mahmoud Moheildin, said: “We need a holistic approach to SDG 13, climate action, but we must not forget that we live in a world complex. As we focus on implementing the Paris Agreement, the interdependencies on food security, energy access and financing efforts become evident. In this regard, the regionalization and localization of our efforts to accelerate the deployment of blended finance with government, the public sector and the private sector is essential. »
The Forum discussed ten grassroots climate projects across Asia and the Pacific – including financing Nationally Determined Contributions, public-private partnerships on infrastructure, financing green networks and mobilizing green finance through capital markets – totaling $41.1 billion in investments to strengthen climate mitigation, adaptation and resilience.
For example, the session on Unlocking Climate Finance for Green Grid Investment informed stakeholders about the need and role of public-private partnership for mobilizing climate finance in power transmission, such as the Green Grids Initiative, launched at COP26.
In the closing plenary, Armida Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP, said: “The potential of changing climate finance, especially enabling environments for capital markets and bonds green, is an important springboard and cannot be the only one. effort to be built through a series of forums for regional and global collaboration.
The High Level Champion for Egypt, Dr Mahmoud Moheildin, reflected on the outcomes of the forum emphasizing that “we need to adopt this holistic approach that was represented in the projects presented, while they were thematically focused, we we can see that the impacts are focused on the SDGs. resulting in an alignment of the Paris Agreement and the SDGs.
One of the key questions in the minds of delegates at the Forum was the diminished reliability of debt financing and paving the way for partnerships through investments, necessary grants and $100 billion to achieve through a transparent and comprehensive assessment of climate action involving all actors, including business leaders, regional capitals and youth groups.
The projects for Asia and the Pacific will feed into a compendium of initiatives that will be presented to the Secretary General of the United Nations during COP27.
The next Forums will take place at:
- Santiago, Chile (September 1-2) – A forum on climate finance and energy transition, covering Latin America and the Caribbean.
- BeirutLebanon (15 September) – A one-day regional forum on climate finance needs and investment opportunities in Arab States.
- GenevaSwitzerland (20 September) – High-Level Round Table on “Enhancing the Sustainable Management and Financing of Critical Commodities Needed for Low-Carbon Transitions”
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