COP28: Transforming Access to Climate Finance

The Taskforce on Access to Climate Finance, established during COP26, has made significant strides in its activities and progress. Concurrently, Climate Funds and Multilateral Development Banks (MDBs) are developing various initiatives to better coordinate their efforts for more effective access to climate finance. At the roundtable event held during COP27, the goal was to advance discussions on the practical implementation of a programmatic approach.

This roundtable brought together diverse perspectives, including representatives from climate finance providers (both Multilateral and Bilateral), private investors, philanthropists, and recipient countries (both from Pioneer countries and others). The aim was to leverage collective experience and existing successful investment models to formulate clear actions and a roadmap to expedite access to climate finance.

This side event will build upon previous commitments, showcasing progress and activities thus far, particularly in the pioneer country trials conducted by the Taskforce. Additionally, it aims to outline the steps required to make further advancements. Pioneer countries will present their progress toward adopting a programmatic approach to climate finance access, in alignment with the established Principles and Recommendations of the Taskforce. The event will also provide a platform for finance providers to discuss ways to enhance their access methods, thereby ensuring the sustainability and predictability of their financial commitments. Participating MDBs and Climate Funds are expected to detail their efforts in improving access through better coordination, including the GCF-GEF Long-Term Vision.

The event will also see the launch of the new Centre for Access to Climate Finance and Somalia will share their climate finance ambitions as the latest country to participate in the Taskforce pioneer country trials. Additionally, the event was set to serve as a launchpad for the second Taskforce Annual Report.