Innovative climate finance: the role of non-state actors
- Nov 15, 2017
“Never before at the European Investment Bank have we seen as many private and public sector initiatives that are focused on building a sustainable financial system,” said EIB Vice-President Jonathan Taylor on 15 November 2017 at a COP23 side event, organised by the European Parliament, on the role of non-state actors in increasing and improving climate finance.
The uncertainty of politics and the rising risks of climate change make it more important than ever to have a clear vision on how to protect the environment, VP Taylor said. “Fortunately, it is clear now that private investors and non-state actors can work together to improve the planet.”
Multilateralism, the best path forward
VP Taylor stressed the value of multilateralism as the best way to protect the environment. “A promising example can be found at the non-state level, where the Global Covenant of Mayors for Climate and Energy brings together some 7 500 cities worldwide that have subscribed to the Paris climate goals. These cities represent nearly 10% of the global population,” he explained.
A number of task forces and initiatives that focus on transparency in climate investing and full disclosure of climate risks show that “we are finally mapping out the route for large-scale and successful green investments,” said VP Taylor.
To reinforce the chances of success and encourage more investors to put their money into green projects, “governments now must provide a clear and consistent regulatory framework”.
“The EIB will be there to help all the players – the private sector, public sector and non-state actors,” stressed Jonathan Taylor, who was joined at the event among others by Adina-Ioana Vălean, Chair of the European Parliament delegation to COP23, and Miguel Arias Cañete, EU Commissioner for Climate Action and Energy.