We have to break down the barriers to climate financing : BanListen /
Climate finance lies at the heart of tackling climate change, Secretary-General Ban Ki-moon said Wednesday in opening remarks at a meeting on Climate Finance in Copenhagen.
The Secretary-General said rapid progress is crucial for scaling up action on the ground and mobilizing support for an ambitious 2015 climate agreement, pointing out that the Copenhagen meeting can help to move public-private finance from policy conversations to concrete actions.
He pointed to a range of barriers to sustainable investment which have been termed as perverse subsidies, uncertainty about the predictability of electricity tariffs or government energy policies.
“We have to break down these barriers. We need to create bankable projects at scale and financial mechanisms that will support them. We must focus on high-impact opportunities for unlocking clean investments. We must close the viability gap between green and carbon-intensive projects. And we must reduce or eliminate the risks currently associated with low-carbon investments.”
The Secretary-General identified three areas for action: Public finance, Private finance and the Green Climate Fund.
Donn Bobb, United Nations.