SB 58 - Necessary Leadership to Unlock Climate Finance

Climate finance has not yet reached the agreed-upon target of USD 100 billion annually, let alone a threshold necessary for investments globally to reach the goals of the Paris Agreement. This is especially true in developing countries where less than 25% of climate finance is mobilized. While climate finance in developing countries is often mobilized by multilateral development banks, climate funds, and development partners, there is a persistent need to expand and enhance stakeholder engagement and cooperation, including the private sector.

Leadership is a major success factor in creating buy-in across the whole government to unlock climate finance mobilization. To explore this, the NDC Partnership will host a fireside discussion on the importance of leadership in driving a whole-of-government approach to catalyze climate finance mobilization. The whole-of-government approach ensures all levels of government and policymaking co-create the climate agenda and contribute to achieving countries’ NDCs, supporting robust and ambitious climate action. Strong leadership can drive comprehensive multi-stakeholder engagement, including increased collaboration with the private sector, and a stronger policy response to address climate change, which increases access to and scales up climate finance.

Within the framework of the 58th Session of the UNFCCC Subsidiary Bodies, the fireside discussion will reflect on insights and best practices to break silos and bridge climate finance gaps through strong and collaborative leadership at all levels of government and will feature the following speakers:

• H.E. Carlos Alvarado Quesada, former President of Costa Rica
• (Mr.) Faustin Munyazikwiye, Deputy Director General, Rwanda Environment Management Authority (REMA), Rwanda
• (Mrs.) Tina Stege, Climate Envoy for the Government of the Republic of the Marshall Islands and Chair of the High Ambition Coalition, the Marshall Islands