Can We Bridge the Climate Finance Gap?
Two weeks before the start of COP28, Globesight organized a roundtable to convene key stakeholders from the global climate finance ecosystem. The diverse group of key global and national climate stakeholders outlined the current financing landscape and discussed innovative climate finance models and their applications in the Global South. Key insights from the roundtable underscore the potential of bridging current gaps in climate finance by strategically mobilizing private capital. This involves actively de-risking financial instruments for climate change through blended financing, scaling up initiatives that prioritize local ownership, and fostering innovative solutions that address local needs with a coordinated approach across the ecosystem.
Key Insights
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Despite the increase in total global climate finance, the Global South continues to face disproportionately large funding gaps for mitigation and adaptation.
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Private capital has the potential to bridge the climate finance gap in the Global South, but it will require a transformation of the international financial system and a greater focus on ecosystem partnerships and coordination.
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Country ownership is vital to aligning climate finance with local demand and improving the national system for climate investments.
Focus Areas
Acknowledgement
The virtual roundtable was hosted on November 16, 2023.