Projected impacts and related losses and damages are set to intensify with every fraction of a degree, meaning action to address this must dramatically accelerate. The UN Climate Change High-Level Champions aim to play an instrumental part in this process.
Event: Accelerating adaptation and resilience finance at COP26An expert led panel on June 29 will explore how to plug the finance gap between climate mitigation and climate adaptation and resilience.
Pledged finance for climate adaptation and resilience (A&R) falls catastrophically behind private and public sector financing for climate mitigation and decarbonization and is often left off the agenda completely.
In fact, less than 6% of all climate finance tracked globally can be attributed to adaptation, and only $500 million related to the private sector. UNEP estimates that up to $300 billion per year will be required for adaptation in developing countries alone by 2030.
Fortunately, the tide is turning. At the Climate Adaptation Summit in 2021, UN Secretary General Antonio Guterres called for 50% of total climate finance to be allocated to adaptation and resilience, stating that “Adaptation cannot be the neglected half of the climate equation.” And Special Presidential Envoy for Climate Secretary, John Kerry has pledged to “significantly increase the flow of finance, including concessional finance, to adaptation and resilience initiatives.”
With the UK Presidency of COP26 focusing on green recovery from COVID-19, the climate champions believe that there is a once in a lifetime opportunity to galvanize recognition and urgently address the gap in financing from both state and non-state actors on A&R.
Throughout 2021, the Race to Resilience, Lightsmith Group, GARI and non-state actor led initiatives have been keeping a drumbeat of noise on the finance gap to raise the level of ambition from state and non-state actors on what can be achieved at COP 26. This is essential to secure the legacy of COP26 and a natural hand over to COP27 Presidency where resilience to climate change will be a central theme.
To draw further attention to this pressing issue, the Race to Resilience will bring together an expert led panel at London Climate Action Week (June 26 – July 4). The event is intended to act as an agenda setter for COP26, pushing the need to recognize and mobilize state and non-state action on financing adaptation and resilience during November’s critical climate summit.
The event will bring together climate finance leaders, non-state actors and resilience initiatives to identify how COP26 can deliver on the opportunity it has to plug the gap on A&R finance and identify where more resources are needed to ensure the challenge of making vulnerable communities resilient to climate change can be met.
Tuesday June 29 – 14.00-15.30 BST
Confirmed speakers include:
- Amal-Lee Amin, Director, Climate Change, CDC
- Lais Braido, CFO, Solinftec
- Barbara Buchner, Global Managing Director, Climate Policy Initiative
- Karthik Jayaraman, Co-founder and President, WayCool
- Jay Koh, Chair, GARI / Managing Director, The Lightsmith Group
- Emilie Mazzacurati, Global Head, Moody’s Climate Solutions
- Carlos Sanchez, Executive Director, Coalition for Climate Resilient Investment
- Aparna Shrivastava, Deputy Chief Climate Officer, U.S. International Development Finance Corporation
- Rich Sorkin, CEO & co-founder, Jupiter
- Stacy Swann, CEO & Founder, Climate Finance Advisors
- Ria Tampubolon, Chief Strategy Officer, TaniHub
- Stefan Wandrag, Climate Fund Managers / CCRI
To register for the event, please click here.
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