While the United Nations has warned that we must reduce emissions by 50% by 2030 to limit global warming to 1.5°C, mitigate environmental degradation, and halt catastrophic biodiversity loss, the latest assessment from the Intergovernmental Panel on Climate Change shows that we are well on our way to missing those targets. The task calls for an unprecedented scaling up of public and private finance to support both climate mitigation and adaptation. While the challenge is straightforward, the specific policies and strategies are not. Establishing a consensus on what to do and how to do it, both within and between countries and regions, will be the defining challenge of this generation and those yet to come.
At Building the Green Consensus, distinguished speakers – including European Investment Bank President Werner Hoyer, President of the European Bank for Reconstruction and Development Odile Renaud-Basso, Director for the Center of Sustainable Development at Columbia University Jeffrey D. Sachs, and CEO of Climate Investment Funds Mafalda Duarte – explored how new regulatory frameworks and green public finance can be used to accelerate private-sector investment in the green transition.
Two years after the launch of the International Platform on Sustainable Finance (IPSF), European development finance institutions (EDFI), the EIB and the EBRD are taking stock of efforts on the global level to scale up the mobilisation of private capital towards green investments in emerging and developing economies.