The Green Climate Fund (GCF) has launched a new report on how global finance can be aligned with sustainable development in order to achieve the goals of the Paris Agreement and deliver a COVID-19 economic recovery. The GCF launched the report as part of the 2021 P4G Seoul Summit. It was a collaboration between the GCF, IPCC authors, the Indian Institute for Human Settlements and Climate Strategies. Download the report.
The 105-page report, based on close collaboration between Intergovernmental Panel on Climate Change (IPCC) and GCF experts, sets out a pathway for financial decision-makers to align finance with the conclusions of the IPCC’s special report on Global Warming of 1.5° C. Based on the latest scientific findings and policy developments, the report calls for a scaling up of climate finance, and the incorporation of climate change in the valuation of all financial assets.
The report prescribes four solutions to aid the financial transition to zero emission, resilient economies by:
- supporting integrated policies on climate action, sustainable development, and COVID-19 stimulus.
- alleviating debt burden so that developing countries have the fiscal space to finance their green, climate-resilient recovery plans.
- leveraging sovereign and multi-country guarantee funds to reduce investment risk and catalyse private finance.
- increasing developing countries’ access to the green bond market.
The Green Climate Fund launched the report at the 2021 P4G Seoul Summit on May 25th. You can watch a recording of Yannick Glemarec, GCF Executive Director, presenting key findings on this page, (Session: Green New Deal: Clean Transition to the Green Economy, starting at ca. 25:00mins).
You can read the full report here.