WEF, UNFCCC Launch Initiative on Innovative Financing for Climate-Friendly Investment
27 November 2012: The World Economic Forum (WEF) and UNFCCC Secretariat have announced an initiative to showcase successful public-private financing mechanisms and approaches to supporting climate change adaption and mitigation activities. The initiative, called “Momentum for Change: Innovative Financing for Climate-friendly Investment,” will inform governments, investors, business, public finance agencies and the media about opportunities to leverage innovative finance for sustainable growth.
“It is clear that the private sector needs to deliver significant investments to put the world on a path to a climate-secure future,” said Christiana Figueres, UNFCCC Executive Secretary. “However, given the scale of investment needed, the newness of technology solutions and the perception of risk that exists, the current level of investment is far too low. The public sector can help to unlock private finance and ensure supportive policy frameworks for climate-friendly investment.”
The initiative was formally launched on 6 December 2012, during the 18th session of the Conference of the Parties (COP 18) to the UNFCCC, taking place in Doha, Qatar. At that event, the UNFCCC Secretariat indicated that it will feature selected initiative activities at COP 19 in Poland in 2013.
The Innovative Financing for Climate-friendly Investment initiative is part of the UNFCCC's broader “Momentum for Change” Initiative that aims to raise awareness about adaptation and mitigation actions by a range of actors at all levels to change misperceptions about action on climate change, and to encourage businesses and civil society to take action to combat climate change. The Green Growth Action Alliance aims to deliver increased investments in agriculture, clean energy and transportation. [UNFCCC Press Release] [UN Press Release] [WEF Press Release] [UNFCCC Executive Secretary's Guest Article on Momentum for Change]