The remarkable pace at which nations of the world have ratified the Paris Agreement and started to put their national plans, or Nationally Determined Contributions (NDCs), into action provides proof that the international community is committed to tackling and overcoming the daunting challenge of climate change.
These national plans target aggressive growth in climate solutions—including renewable energy, low-carbon cities, energy efficiency, sustainable forest management, and climate-smart agriculture. Together, the NDCs offer a clear roadmap for investments that will target climate-resilient infrastructure and offset higher upfront costs through efficiency gains and fuel savings.
Helping countries transition to a low-carbon and sustainable economy presents an unprecedented investment opportunity. According to the World Bank Group, the NDCs of emerging economies alone represent around $23 trillion in investment potential. Putting these plans into action could help grow the global economy and unlock untapped technological possibilities.
The magnitude of this challenge will require the best global minds on climate finance. That is why the World Bank Group, in partnership with the governments of Spain and Germany, and with the support of FIRA Barcelona, IETA, and Climate Action, has launched the "Innovate4Climate Finance and Markets Week": a new global dialogue between government, multilateral, business, banking, and finance leaders.
"Making sure these investments are low-carbon and climate-resilient is key to our future", said John Roome, Senior Director for the World Bank Climate Change Group. "Public sector finance cannot do it alone. We need to find innovative ways to leverage concessional and public finance to mobilize private sector finance for climate action."