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Mobilizing climate finance flows

Nordic approaches and opportunities

image of Mobilizing climate finance flows

If the Agreement’s goal - limit the global temperature increase below 2°C - is to be met, all financial flows need to shift dramatically and rapidly from current investment patterns to 2°C compatible pathways. This study analyses the roles Nordic actors might play in mobilizing finance flows internationally and outlines a roadmap that can guide joint Nordic action during the next five to ten years. While the roadmap covers components of “climate related ODA” and climate compatible contributions from the private sector, the focus of the roadmap lies on the crucial bridging and dialogue that is required between key actors. Building on identified Nordic strengths and areas needing accelerated international support, the report concludes with a set of immediate next steps to operationalize the roadmap in 2017-2018.

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Introduction

The Paris Agreement and the accompanying COP decision, adopted by Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in December 2015 and which entered into force in November 2016, has major implications for finance institutions globally, both public and private. If the Agreement’s goal to limit average global temperature increase to well below 2° C and to make serious efforts to limit this to 1.5° C is to be met, the very nature of global financial flows needs to shift dramatically and rapidly from current investment patterns. It also reiterates the earlier commitment by developed countries to a minimum rate of mobilization of “climate finance”, USD 100 billion per year by 2020, to support developing countries in their efforts to tackle climate change. This is essential to make development pathways low carbon, as well as to prepare for, cope with and adapt to the impacts of climate change.

English

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