A host of the world’s largest emerging and developing economies are to jointly explore how dedicated green banks could help deliver billions of dollars of low carbon investment to support the national climate action plans they agreed under the Paris Agreement.
Officials from 23 countries, which together represent 26 per cent of global GDP and 43 per cent of global carbon emissions, will meet today in Paris at the inaugural Green Bank Design Summit.
The aim is to emulate the success of dedicated green banks in industrialised economies and explore how national green financial institutions could be established in emerging economies.
Government ministers and officials will be joined by leading private banks and development finance institutions who are also committed to mobilizing the $1tr of green investment that the International Energy Agency estimates is required through to 2050 to deliver on the goals of the Paris Agreement.
The Summit will see the announcement of a new global platform for green bank design and formation supported by governments, philanthropy, and the private sector.
“Time and time again, entrepreneurial and commercially minded green banks have accelerated private capital formation in the low-carbon economy in industrialised economies, maximising the impact of scarce fiscal resources,” said Ilmi Granoff of ClimateWorks Foundation, lead sponsor of the Summit.
Source: Businessgreen.com