UN and World Bank to set up climate investment platform
September 23, 2017
United Nations Secretary General António Guterres and World Bank Group President Jim Yong Kim have announced plans to accelerate the flow of finance for climate action through a new platform dedicated to identifying and facilitating transformational investments in developing countries.
The new Invest4Climate platform is designed to bring together national governments, financial institutions, private sector investors, philanthropies, and multilateral banks to support transformational climate action in line with the Paris Agreement.
Transformational investments could include, for example, the accelerated roll out of renewable energy, large-scale development of battery storage, electric vehicles, and low-carbon air conditioning systems.
The platform will also facilitate investments through the development of risk mitigation instruments and, based on demand, will work with national governments to improve policy environments.
Invest4Climate will be supported by national finance ministers, climate thought leaders, chief executives of firms, foundations and financial institutions, as well as senior representatives from the UN and the World Bank Group. It will not have its own funding sources but will act as a broker aiming to:
bring visibility to potential investments and identify opportunities for action and investment;
mobilize multiple sources of finance and combine them most effectively to maximize deployment and impact;
identify barriers to scaled up investment and develop solutions and political support to address them;
facilitate the identification and allocation of risk to those who can best bear and manage them and hence facilitate appropriate financial structuring to crowd in additional funding.
To be convened by the World Bank Group and the UN, the platform will be further developed in collaboration with partners at the forthcoming World Bank/IMF Annual Meetings and COP23. The first Invest4Climate initiatives are expected to be announced at the Climate Summit in Paris in December 2017.