COP29 Spotlight: Center for Access to Climate Finance and UK Finance Event at COP29
At COP29, national governments, financial institutions and experts convened at the UK Pavilion to explore ways to unlock finance for climate-vulnerable developing countries. A key focus of the event was on enhancing mechanisms and strengthening coordination among multilateral development banks (MDBs), multilateral climate funds (MCFs) and bilateral funders to improve access, efficiency and responsiveness to country-specific needs. Discussions also centered on the importance of building the capacity of developing countries to articulate their priorities, develop robust strategies and effectively mobilize resources — highlighting how these efforts not only complement improved coordination but also ensures that countries can fully leverage available support.
Drawing on the work of the Taskforce on Access to Climate Finance and the Climate and Development Ministerial (C&DM) process, the event was organized by the UK Government and the Center for Access to Climate Finance — an initiative hosted by the NDC Partnership Support Unit, the secretariat of the Taskforce.
During the hour-long event, panelists highlighted challenges facing countries like Rwanda and Uganda in mobilizing resources for adaptation, nature-based solutions and green-growth pathways. Rwanda showcased its Green Fund (FONERWA), an innovative, country-led financing platform that has successfully mobilized USD 300 million over the last decade. Uganda presented progress achieved by its Climate Finance Unit (CFU), established with support from the Taskforce on Access to Climate Finance, which has raised USD 250 million in 18 months, with an additional USD 180 million expected.
Further discussions emphasized the need for a programmatic approach to climate finance — moving beyond fragmented, short-term and project-based efforts toward comprehensive country platforms that can access and deploy resources efficiently. Key recommendations included reforming multilateral development banks and climate funds, streamlining access processes, learning from MCF experiences to date and leveraging MDBs for catalyzing climate action.
By facilitating global knowledge exchange and South-South learning, the Center for Access to Climate Finance will build on this dialogue, through 2025, as part of its mandate to enhance the international climate finance landscape.
Watch the full recording of the event here to hear from:
- Maria Netto, Executive Director of the Instituto Clima e Sociedade
- Rachel Kyte, UK Special Representative on Climate
- Teddy Mugabo, Chief Executive Officer of the Rwanda Green Fund
- Jennifer Sara, Global Director, Climate Change Group, World Bank Group
- Charles Ehrhart, Chief Strategy and Impact Officer, Green Climate Fund
