COP 28 Resolution 19/57: The High-Level Champions presented multiple outcomes on their collaborative work on climate finance. First, as an outcome of the ‘Regional Platforms for Climate Projects’ held
throughout the year with the UN Regional Commissions and the COP 27 and COP 28 Presidencies, they published the Assets to Flows II, which points out that regardless of the progress being made, a significant push is still required to meaningfully improve the scale, quality and pace of investment and finance for projects supporting the climate change agenda, particularly in developing countries. Also, the Independent High-Level Expert Group in Climate Finance, which published a report before COP 27, published a summary of its second report working in collaboration with the High-Level Champions. Its messages include that multilateral development banks are key to both unlocking investment opportunities and mobilizing finance, through own lending and catalyzing private finance.
Resolution point 19 from the UAE Global Climate Action at COP 28 in 2023 highlights the outcomes presented by the High-Level Champions on their collaborative work on climate finance. These outcomes include the publication of “Assets to Flows II” from the Regional Platforms for Climate Projects, emphasizing the need for significant progress in scaling up investment and finance for climate projects, especially in developing countries. Additionally, the Independent High-Level Expert Group in Climate Finance published a summary of its second report, which emphasizes the role of multilateral development banks in unlocking investment opportunities and mobilizing finance. Let’s analyze the positive and negative aspects of this resolution:
Positive Side:
Collaborative Efforts: The presentation of outcomes by the High-Level Champions underscores the importance of collaborative efforts in advancing climate finance. By working together and leveraging expertise from various stakeholders, including UN Regional Commissions and independent expert groups, the resolution demonstrates a concerted effort to address challenges in climate finance.
Focus on Developing Countries: The emphasis on the need for significant progress in scaling up investment and finance for climate projects in developing countries is commendable. Developing countries often face disproportionate impacts of climate change and may have limited resources to finance adaptation and mitigation measures. Prioritizing support for these countries aligns with principles of equity and justice in climate action.
Recognition of Multilateral Development Banks: The acknowledgment of multilateral development banks as key players in unlocking investment opportunities and mobilizing finance is crucial. These institutions play a significant role in providing financial resources, technical assistance, and risk mitigation instruments to support climate projects globally.
Negative Side:
Insufficient Progress: Despite the recognition of the need for significant progress in scaling up climate finance, the resolution may highlight the lack of substantial advancements in this area. The emphasis on the continued need for a significant push suggests that current efforts may not be sufficient to meet the financing needs for climate projects, particularly in developing countries.
Challenges in Mobilizing Finance: While multilateral development banks are recognized as key actors in mobilizing finance, there may be challenges in effectively leveraging their capabilities. These challenges could include bureaucratic hurdles, limited funding availability, and competing priorities, which may hinder the banks’ ability to catalyze private finance and support climate projects at the scale required.
Need for Concrete Action: While the outcomes presented by the High-Level Champions provide valuable insights and recommendations, there may be a need for more concrete action plans and commitments to address the identified challenges in climate finance. Without clear strategies and implementation plans, the resolution risks being perceived as merely highlighting issues without driving meaningful change.
In conclusion, while Resolution point 19 at the UAE Global Climate Action at COP 28 highlights collaborative efforts and important insights on climate finance, it also underscores the need for more substantial progress, particularly in mobilizing finance for climate projects in developing countries. Addressing challenges and translating recommendations into concrete actions will be crucial for advancing climate finance agendas globally.
