Co-Organizers: Sustainable Development Policy Institute (SDPI), Climate Action Network South Asia, Open Society Foundations (OSF),
Date: December 8, 2023 (TIME – 3.30 PM to 5 PM Local Time)
Venue: Pakistan Pavilion, UNFCCC COP28 Venue, Dubai
The interlinked climate calamities across the world – extreme climate events, food insecurity, water scarcity, air pollution are testament to the fact that burning of fossil fuel results in greenhouse gas emissions. As per the Climate Policy Initiative study, investment of at least USD 4.3 trillion in annual finance flows by 2030 is needed to avoid the worst impacts of climate change. The overall move to net-zero and 1.5°C compliant pathway will require several tens of trillion dollars between now and 2050.
Developed countries need to provide the lifesaving finance to lower income countries for climate action – renewables, efficient energy infrastructure, adaptation activities in various sectors, and just energy transition. There are opportunities to create an enabling environment for this financing. Innovative types of structured finance and out-come-based financial instruments to overcome some of the challenges will need to be deployed on a larger scale and improved where necessary. The side event proposed below delivers on the same.
Climate Action Network South Asia, in collation with the Sustainable Development Policy Institute (SDPI), Pakistan and Open Society Foundations are organising a side event in the Pakistan Pavilion on the 8th of December to put a spotlight on climate finance approaches and strategies that work for vulnerable communities of South Asia. It aims to serve as a crucial platform for discussing and exploring opportunities of innovative climate finance strategies within the South Asian context. The goal is to bring together a diverse group of stakeholders to engage in meaningful dialogue, leading to actionable insights and strategies.
The side event will address diverse issues in private and public financing, the Accra-Marrakech Agenda, innovative financing models, and financing from Multilateral Development Banks. Loss and damage finance and finance from the perspective of Global stocktake will be discussed.