Private sector finance at COP28: Commitment and capacity building
Private sector climate finance needs to multiply by a factor of 15 to meet the goals of the Paris Agreement.
Financial sector participants at COP28 are being asked to step up and meet climate finance demands. Based on announcements at the conference, they plan to do so by allocating capital to green projects, working with public finance and multilateral development banks, and supporting their peers in vulnerable economies.
Two days ago on Finance Day, COP28 delegates heard from Lord Nicholas Stern, co-chair of the Independent High-Level Expert Group on Climate Finance (IHLEG) about the need to multiply private sector climate finance “by a factor of 15” to help provide the annual US$2.4 trillion needed until 2030 to help the world meet the goals of the Paris Agreement.
