Today, top financiers and philanthropists from around the world gather in Windsor to participate in the Climate Finance Mobilisation Forum. The event, held as part of President Biden’s visit to the UK, aims to recognize and encourage efforts that increase support for emerging and developing economies in their journey towards a net zero, resilient transition. By driving significant investments and action, the forum seeks to contribute to the achievement of the goals outlined in the Paris Agreement.
The Role of Private Finance in Accelerating Net Zero Transition
Private finance plays a critical role in accelerating the net zero transition. To put the world on track to reach net-zero emissions by 2050, it is estimated that annual clean energy investment in emerging and developing economies needs to expand by more than seven times, surpassing $1 trillion by 2030. This investment is essential not only for clean energy but also to reduce non-CO2 emissions, halt deforestation, enhance climate resilience, and address other climate-related challenges. The mobilization of private funds, in addition to public financing, is crucial in scaling up climate action and achieving tangible results.
Uniting UK and US Expertise for a Secure, Resilient Future
Energy Security and Net Zero Secretary Grant Shapps highlight the significance of uniting with US allies and key enablers to leverage world-leading expertise in driving the green transition. Collaboration between the UK and the US aims to unlock private investment and support countries most affected by climate change impacts. By sharing knowledge and best practices, the two nations seek to set the stage for a path to net zero and greater climate resilience. This partnership is not only about cutting emissions but also about creating a secure, cost-effective, and domestically-produced energy system that drives economic growth and job creation.
Seeding Collaboration and Action for COP28
The Climate Finance Mobilisation Forum serves as a platform for seeding ideas, potential collaborations, and tangible actions. The event aims to foster partnerships and identify areas where private finance and philanthropies can collaborate to accelerate climate action on the road to COP28. Recognizing the urgency of the climate crisis, the forum focuses on mobilizing concerted action among the public, private, and philanthropic sectors. Through collaborative efforts, the forum seeks to raise ambition and drive meaningful progress in tackling the climate crisis.
Empowering Emerging Markets and Developing Economies
Emerging markets and developing economies currently account for two-thirds of global greenhouse gas emissions, making them crucial players in combating climate change and protecting nature. These economies are not only partners for the UK and the US in achieving shared prosperity but also present significant economic opportunities. By supporting the global transition and assisting these economies in meeting their financing needs, the UK and the US can foster closer relationships, capture economic potential, and drive the shift towards cleaner, more secure, and affordable energy sources.
Source: Gov[Dot]UK
