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Ramping-up finance for climate action
UN and World Bank heads announced plans to accelerate the flow of finance for climate action in September 2017. To this end, they have created the new platform Invest4Climate dedicated to identifying and facilitating transformational investments in developing countries.
The Invest4Climate platform is designed to bring together national governments, financial institutions, private sector investors, philanthropies and multilateral banks to support transformational climate action in line with the Paris Agreement.
The platform will bring together investors with high-impact opportunities in developing countries such as large-scale development of battery storage, electric cars and low-emission air conditioning. It will also facilitate such investments through the development of risk-mitigation instruments and, based on demand, will work with national governments to improve policy environments.
Invest4Climate will be supported by national finance ministers, climate thought leaders, chief executives of firms, foundations and financial institutions, as well as senior representatives from the UN and the World Bank Group. It will not have its own funding sources but will complement existing climate and development finance initiatives and institutions.
The platform will be further developed in close collaboration with partners at the forthcoming World Bank/IMF Annual Meetings and COP23. The first Invest4Climate initiatives are expected to be announced at the Climate Summit in Paris in December 2017.
(The World Bank/ile)
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