Ministerial Meeting Discusses Scaling Up Climate Finance
17 April 2013: Ministers and senior officials from over a dozen donor countries met in Washington, DC, US, on 10-11 April 2013, to discuss ways to meet the challenge of scaling up climate finance and low-carbon investment in developing countries.
The meeting, which was convened and chaired by the US, was attented by representatives from Australia, Canada, Denmark, the EU, France, Germany, Italy, Japan, New Zealand, Norway, Poland, Switzerland, the UK and the US, as well as from development finance institutions and export credit agencies.
The meeting sought to build a common understanding of various approaches to using public funds to leverage private sector investment in low-carbon infrastructure and adaptation in developing countries. During the meeting, participants stressed, inter alia: the complexity of mobilizing climate finance, which will require a range of delivery channels, instruments and tools, and implementation strategies; the need to mobilize finance to enable the rapid transition to a low-carbon, climate-resilient economy; methodologies for tracking mobilized private finance; engagement with developing countries as broader strategies and approaches for mobilizing finance are considered; and the importance of both public and private finance.
Participants also discussed: economic drivers of climate investment and the landscape of current flows to developing countries; barriers to mobilizing greater investment in low-carbon, climate-resilient infrastructure in developing countries; the range of tools used to address these barriers and innovative private sector investment structures; institutions through which donor countries deliver these tools; the importance of developing country action to invest domestically and improve enabling environments; and how to enhance action through private sector engagement and improved donor coordination in various multilateral and bilateral climate finance channels. Several countries volunteered to convene discussions to explore strengthening institutions' contributions to climate finance and new ideas for leveraging private investment.
Participants agreed to take stock of these, as well as other coordinated and private sector efforts at a ministerial meeting in September-October 2013, prior to the 19th session of the Conference of the Parties (COP 19) to the UNFCCC. [Chair's Summary of the Meeting]