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Emerging markets need to be able to absorb much more climate finance than they do today
Following the COP 28 climate summit in Dubai, there will need to be a redoubled effort to drive finance in the direction of alignment with the transition. International private climate finance in particular will need to rise by 15 times from current levels. One of the major challenges in driving this growth is that it often relies on data to guide and assess whether financing flows are moving consistently with the Paris Agreement or inconsistently with these global objectives.
The Global Stocktake offers a wake-up call for financial institutions working towards long-term climate targets
A Global Stocktake to update on the world’s progress towards goals set down in the Paris Agreement shows notable ambition, although not enough ambition or follow-through to keep on a 1.5° C trajectory. One of the upcoming milestones required to stay on track is for the world to reach peak global emissions by 2025. The nearness of this deadline highlights an important reality in addressing climate change – the world is working on mitigating an issue that will bring catastrophic consequences if unmitigated, and we will only know whether we’re back on target long after the actions we are discussing today may be completed.