Funding the Low Carbon Transition: the Role of the Financial System
Given the tight budgetary constraints faced by most governments across the world, public spending will not be sufficient to provide the level of investment needed to deliver on our collectively agreed target of reducing global warming by two degrees. Setting up the right financial mechanisms for efficient carbon pricing is therefore essential to enforcing, implementing and ensuring the success of the “Intended Nationally Determined Contributions”. With this in mind, a growing number of private financial operators, central banks and financial regulators are already incorporating sustainability factors into their objectives and policies.
On June 30, 2015, Presidents Dilma Rousseff and Barack Obama met in Washington D.C. to stress in a joint statement the role the financial system must play alongside public funding:
"The Presidents recognize the social and economic value of mitigation actions and their co-benefits to adaptation, health and sustainable development. The Presidents pledged to work together toward mobilizing public funding and developing financial instruments to catalyse large-scale private investments to support low-carbon development projects and countries’ transitions to low-carbon economies. Further, the Presidents affirmed the need for continued, robust financial support to help realize developing countries’ mitigation potential and to enhance their adaptation actions."
The aim of the conference will be to assess the effectiveness of the various financial mechanisms the private and public sectors can put in place to foster carbon reductions. Experts and policymakers will also discuss whether there is scope at a national, regional or international level for an agreed economic and social value of mitigation actions that could anchor private and public investments.
Laurence Tubiana, Special Representative for the 2015 Paris Climate Conference; Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei; Jean Pisani-Ferry, Commissioner General for policy planning, France Stratégie; Rachel Kyte, World Bank Group Vice President and Special Envoy, Climate Change Group; Dipak Dasgupta, Board Member of Global Climate Fund; Pascal Canfin, Co-chair of the Commission on Innovative Climate Finance; Seyni Nafo, Co-Chair of the SCF and incoming Chair of the Africa Group; Thomas Heller, Executive Director, Climate Policy Initiative; Alfredo Sirkis, Executive Director, Center Brazil Climate; Leonardo Martinez-Diaz, US Treasury; Simon Zadek, UNEP Inquiry, Global Green Growth, IISD; Jean-Charles Hourcade, CIRED.
10:00am - Introductory remarks
- Jean Pisani-Ferry, Commissioner-General, France Stratégie
- Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei
10:15am - Avenues for a greater contribution of the financial system to the transition
From prudential instruments, green funds and green banks to the use of supervisory instruments by central banks, various initiatives to steer private investments away from brown to green technologies are increasingly relying on financial instruments. This session will aim at discussing their effectiveness in supporting a transition to a low carbon economy.
- Dipak Dasgupta, Board Member of Global Climate Fund
- Pascal Canfin, Co-Chair, French Presidential Commission on Innovative Climate Finance
- Seyni Nafo, Co-Chair of the SCF and Incoming Chair of the Africa Group
- Thomas Heller, Executive Director, Climate Policy Initiative
Jean Pisani-Ferry, Commissioner-General, France Stratégie
Marcene Broadwater, Global Head of Climate Change Strategy and Business Development, IFC
11:30am - Keynote Address
Laurence Tubiana, Special Representative for the 2015 Paris Climate Conference
11:45am - Toward an agreed social and economic value of mitigation actions?
In line with the June 30 joint statement of Presidents rousseff and obama, the social and economic value of mitigation actions is increasingly factored in by governments, financial regulators and private financial operators. The purpose of this session will be to discuss whether there is scope for an agreed value of mitigation actions higher than the current price of carbon. Could this value be secured and operationalized to anchor current investment decisions to gradually shift away production and consumption patterns from Co2 intensive technologies? A proposal will be presented at the beginning of the session to introduce the discussion.
- Jean-Claude Hourcade, CIRED, EHESS
- Simon Zadek, UNEP Inquiry
- Alfredo Sirkis, Executive Director, Centro Brasil no Clima
Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei
Étienne Espagne, CEPII
12:55am - Concluding remarks
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