Plumes of carbon emissions billowing from a coal power plant
What key things should the ministers and leaders at Baku do to help close the gap? First, agree on a credible quantifiable goal. It will exceed $100 billion, which was the previous floor – now the basement – and we need to reach for the ‘third floor’. They need to identify a pathway to reconciling the need for finance and investment with the need for an accelerated transformation towards net zero. Otherwise, we will not find cooperative ways to work on these issues. It won’t deliver signed cheques the next day – but the pathway and commitments need to be credible and must acknowledge that those who can afford to invest more – in the private sector, the financial sector and capital markets – need to step up. Second, international financial institutions must enhance their role as multipliers of investment and support. Indeed, for poor, vulnerable and indebted countries, instruments such as the Green Climate Fund and the Global Environment Facility are critical. There is an acute need for more concessional and grant financing. To ask those countries to add to their national debt while trying to address climate change and clean energy access is simply illogical. This will lead to default. We need to accept that there are countries and communities where providing grants is both effective and efficient, and we need to increase that finance. The wealthiest economies are allocating just 0.37% of their combined gross national income in official development assistance. They’re not only missing an opportunity, but also causing the failure to address today’s great challenges – cli- mate change, biodiversity loss, increasing pollution, growing inequalities driving migration and the emergence of a tech- nological era that could create even more inequalities. If we believe that 0.37% can buy our way out, we are mistaken. We need to recognise our shared interests in that quantifiable
goal. And we need to pull the levers from multipliers to international financial institutions to grants – and understand that we are all investors in this climate transition. Kenya, Uruguay, China, India, Costa Rica and Morocco invested their own taxpayers’ money and domestic cap- ital to advance remarkable energy transitions. They are co-investors in this global endeavour, but are largely unrec- ognised for it. We should look at these global negotiations not just as institu- tion-based multiplying but also as ‘global multiplying’. If the wealthy world invests more, it will release more of the devel- oping world’s resources. Together as co- investors, we can mobilise the $3 trillion needed to advance this energy transition. The Pact for the Future, agreed by world leaders, aims to ensure that the long-term consequences of today’s actions are considered. Central to this vision is the long-overdue reform of our international financial architecture, which is not simply about amplifying resources for sustainable development and climate action. It is about ensuring that we do not shift today’s challenges to future generations but instead pass on a ‘torch of choice’, empowering them with the opportunity to shape their own destinies.
The wealthiest economies are allo- cating just 0.37% of their combined gross national ÞãØäâÚÞãäĝØÞÖá development assistance. 0.37 %
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@Asteiner : undp.org
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