READ THE FULL REPORT HERE
The Independent High-Level Expert Group on Climate Finance underscores the need to align financial systems with the Paris Agreement and sustainable development goals. In their COP28 report, they highlight a demand for around US$2.4 trillion annually by 2030 in emerging markets and developing countries to address key areas like energy transition, adaptation, resilience, loss and damage, and conservation. The report advocates for a purposeful approach involving collaboration among countries, the private sector, multilateral development banks, donors, and philanthropy. The suggested integrated climate finance framework calls for enhancing both public and private finance, utilizing domestic resources, tripling concessional finance by 2030, and redefining the role of multilateral development banks. The report reiterates the need for a ‘whole-of-the-MDB system’ approaches, co-creation of bankable investment pipelines and the need to transform project preparation for scaling up climate finance – all of which the GIF already practices.
