The World Bank (WB) intends to direct 35 percent of its finances to climate action efforts over the upcoming five years, 50 percent of which will be dedicated to support resilience and adaptation action, according to the WB’s Vice President for Sustainable Development Juergen Voegele.
Voegele made his statements during the closing ceremony of the Innovate4Climate (I4C) conference that was held on Thursday, hosted by the WB and organised by REVOLVE along with I4C.
Over the timeline of three days, I4C discussions and workshops concentrated on addressing climate change through innovation and the need to accelerate climate action globally, particularly in developing countries and low-income economies.
Voegele also said that adopting carbon pricing policies, especially in developing countries and low-income ones, will contribute to creating job opportunities; enhancing these countries revenues and mitigating carbon-led activities to meet the objective of reaching zero-carbon emissions by 2050.
“Climate action must be taken with the people and for the people to reach their goals,” said Voegele on the need to engage the public in such actions, alongside the private sector and the governments’ efforts too.
As for climate action in Africa, the Manager of Climate and Environment Finance at the African Development Bank (AfDB) Gareth Phillips said that conducting public-private partnerships (PPP) in green investments are essential for the continent to accelerate its efforts against climate change and its related impacts.
During an interview for Ahram Online, Phillips mentioned that carbon pricing, which includes imposing carbon taxes and fees, will encourage the governments in the continent to make the right investment decisions.
He added that Africa is expected to have full access to green investment finances over the upcoming ten years.
He also added that applying green banks model in all the 54 continent’s countries will ease this mission and scale up such efforts.
Answering another Ahram Online question on the role of the sovereign wealth funds (SWFs) in Africa and it accelerating climate action in the continent, the Director of Green Bank Development at the Coalition of Green Capital (CGC) Andrea Colnes said that SWFs and pension funds can play a critical role within the continent in this regard.
“It is imperative to create innovative mechanisms that reduces risks of green investments to spur these funds; to be a co-investor in the green projects and to create the PPPs that are crucial for Africa in its way to fight the climate change and its implications across all aspects,” added Colnes.
On the other hand, Adjunct Professor at US-based Berkeley Economic Advisory David Wells Roland-Holst noted that expanding in applying carbon pricing in Africa will provide the finances the continent’s countries need to secure its needs of basic goods and services.
The upcoming I4C conference for 2022 will be held in Barcelona as the organisers announced on Thursday.
I4C is an annual global conference on climate finance, climate investment and climate markets, focusing on creating transformative and innovative action on climate change.
Launched in 2017, I4C is designed to bring together thought leaders, government officials and representatives of the international development banks with an objective of linking climate innovation with investment opportunities as well as transforming dialogue into action.