This is a hybrid in-person/virtual side event at the 26th UN Climate Change Conference of the Parties (COP26). Brought to you by the Green Bank Network, Green Bank Design Platform, Inter-American Development Bank, Latin American Association of Development Financing Institution, and Banco de Desenvolvimento de Minas Gerais in partnership with the Government of Australia. To achieve deep decarbonization and a pathway to 1.5˚ C, investment in new projects and technologies is essential. Public finance is critical yet insufficient, and to meet the challenge relatively small amounts of public investment must do a better job at mobilizing much larger sums of private investment. At the same time, we need innovative financial instruments and partnerships that promote country ownership for scaling up private investments.
The first session featured green banks and their role in the international climate finance ecosystem to scale ip investment in green and climate-related projects through locally-based approaches that are specifically focused on bringing in private investment. During the event two new members of the green bank network were introduced: Minas Gerais Development Bank (BDMG) of Brazil, a state-level development bank, and the D.C. Green Bank of the United States, a city-level green bank created to support a thriving, sustainable capital city for all.
During the second session “The Opportunity for Emerging Initiatives to Mobilize Private Investment and Channel Climate Finance” it was highlighted the role that different institutional models such as green banks—specialized stand-alone financial institutions or separately managed facilities—play in helping to mobilize investments to achieve net-zero targets. The event showcased progress by jurisdictions in developed and emerging markets that are pioneering domestic institutional innovation in climate finance.
This post is also available in: Spanish
|Published:||November 03 of 2021|
|Organizer:||Green Bank Network, Green Bank Design Platform, Inter-American Development Bank, Latin American Association of Development Financing Institution, Banco de Desenvolvimento de Minas Gerais, Government of Australia|