Accelerator initiative launched to help countries finance Paris climate strategies
A consortium of UK climate and finance experts will host government representatives from Colombia, Mexico, Nigeria and Vietnam at a groundbreaking new workshop concept aimed at accelerating the financing of countries’ nationally determined contributions (NDCs) under the Paris Agreement.
The inaugural Climate Finance Accelerator workshop - running from 11-15 September - matches government, finance and capital market players from the countries with project and green finance experts from the City of London. The consortium delivering the workshop brings together the combined finance and climate policy expertise of Ricardo Energy & Environment, PwC and climate finance specialists and concept originators Ian Callaghan and Tessa Tennant.
During the intensive week-long event, dedicated country teams will develop outline financing propositions for priority NDC projects as well as an initial NDC financing plan.
“Converting an NDC into a project pipeline and then securing finance for those projects is a challenge that all signatories to the Paris Agreement face,” said Emelia Holdaway, manager for international climate change policy at Ricardo.
“The Climate Finance Accelerator will support countries to identify priority NDC projects and generate concrete financing propositions for these - blending public, private, international and national funding.
“It’s an exciting approach and a unique opportunity for countries to make real progress on understanding how they can finance their NDCs. The lessons learned from the process will be shared with the international community to support other countries to develop their NDC financing plans.”
A practical and immersive experience for the country delegates, the week-long event has been preceded by in-country workshops to help the national delegations prepare. As well as three days of “deep dive” sessions on projects, the event will include plenary sessions with climate policy and finance experts to help them develop their projects for financing, and an opportunity to present their project plans to world-leading financial and climate experts located in London.
The outcomes of this inaugural programme will be shared publicly and will inform the development and delivery of future rounds of the Climate Finance Accelerator to ensure the benefits are not only replicable but scalable across other nations.
Speaking about the objectives of the concept, co-originator Ian Callaghan said "The key obstacle to finance for Paris lies in the understanding gap between policymakers and financiers. The CFA concept is different and effective because it concentrates on the practicalities of bringing these two constituencies together and focuses on creating real-world, bankable projects while at the same time building capacity for future engagement on both sides."
Jon Williams, Partner, Sustainability & Climate Change, PwC said: "We are delighted to be part of the Climate Finance Accelerator, taking practical action to support countries develop and fund the projects they have chosen to meet their commitments under the Paris Agreement.
“As well as making material and actionable reductions in carbon emissions, the CFA also aims to support economic development through investment and capacity building. A high bar perhaps, but we hope an exemplar of the ambition born in Paris."
The Moroccan Presidency of the 22nd Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP22) is co-hosting the event alongside the UK Government and City of London’s Green Finance Initiative. The workshops are also being supported by Children’s Investment Fund Foundation (CIFF), the Hewlett Foundation, ClimateWorks Foundation, the UK Government (Department for Business, Energy and Industrial Strategy), the Climate and Development Knowledge Network (CDKN), the Inter-American Development Bank (IDB) and the Global Green Growth Institute (GGGI).