Dear all,

I'm sharing a short update of some interesting things happening on climate finance at the moment, including reports, events, announcements from ministers and MDBs, and information on the V20 Summit (Vulnerable 20 countries).  

Reports

OECD: What to watch in 2021: ODA’s role in financing vaccines, climate action, debt relief, SDR reallocations: https://www.oecd-ilibrary.org/sites/e4b3142a-en/index.html?itemId=/content/component/e4b3142a-en&_ga=2.84877713.984016436.1623763095-2059374352.1573486326#section-d1e1003

Key points on climate finance are in this document include:

• Climate finance: Given the growing interlinkages between the climate agenda and the growth of ODA, this level of global attention on climate could have positive spillover effects for ODA in 2021. However, development finance and climate finance have distinct roles and aims. A complete conflation of these budgets and efforts would likely not succeed in achieving either of the critical climate or development agendas”).
• “Maintaining or improving ODA/GNI ratios will require increased volumes, sustained political will, and can be supported by employing specific mechanisms”
• “While it is clear that ODA alone cannot meet these rising demands, development co-operation providers are being called upon to do more to respond to the unique challenges facing the world today.”

MDBs’ climate finance rose to US$ 66 billion in 2020, joint report shows: https://www.eib.org/en/press/all/2021-236-mdbs-climate-finance-rose-to-ususd-66-billion-in-2020-joint-report-shows

Key points include:

• Eight Multilateral Development Banks (MDBs) committed US$ 66 billion for climate finance in 2020, up from US$ 61.6 billion
  "Of the 2020 total of US$ 66 billion, US$ 63 billion came from the MDBs’ own accounts and almost US$ 3 billion from external resources channelled through and managed by MDBs. These included the Climate Investment Funds (CIF), Green Climate Fund (GCF) and climate-related funds under the Global Environment Facility (GEF), EU blending facilities and others."
  Of the total, 58 per cent was committed to low- and middle-income countries
  "Nearly US$ 50 billion (76 per cent) of total MDB climate finance in 2020 was associated with climate change mitigation investments"
  "More than US$ 16 billion (24 per cent) for climate change adaptation finance was invested in adaptation efforts to help countries build resilience to the mounting impacts of climate change, including worsening droughts and more extreme weather events, from flooding to rising sea levels."

 

Events/ Summits:

1st V20 Climate Vulnerables Finance Summit with the meeting of the V20 Ministers of Finance: https://www.v-20.org/events/1st-v20-climate-vulnerables-finance-summitministerial-dialogue-vii

Objectives:

The Summit will issue a Communique highlighting the key expectations of the vulnerable economies on global climate finance, cooperation with multilateral financial institutions, and COP26, as well as partnerships being advanced together with the V20, including:

• Launch of the V20 Vision 2025
• Shaping of a V20 Climate Prosperity Recovery Agenda 
• Presentation and partnership exploration on national “Climate Prosperity Plans” as strategic economic-climate-SDG investment and cooperation frameworks
• Innovative V20 financing initiatives including the Accelerated Financing Mechanism to address capital cost challenges, the Sustainable Insurance Facility and the InsuResilience Global Partnership to bridge the financial protection gap, and the new CVF & V20 Joint Multi-Donor Fund.

WEBINAR: Climate finance in LAC from an environmental justice perspective
This activity aims to generate a discussion on the need to address the climate crisis in a timely  manner, despite facing a context of multiple crises, analyzing challenges and opportunities related to the mobilization of international climate finance to LAC, from a climate and financial justice approach.
 
  Zoom registration: https://bit.ly/3h8bvTK
 Wednesday June 30th
️ 17:00 CEST

 SPEAKERS:
- Carola Mejia - Latindadd
- Patricia Miranda - Latindadd
- Leia Achampong – Eurodad
- Ruben Quintanilla - CRGR

Facebook Live: www.fb.com/Latindadd/live

 

WEBINAR: UN Conversations on Climate Change: Challenges and Opportunities

From CANLA, MOCICC and Christian Aid we would like to invite you to participate in the UN Conversations on Climate Change: Challenges and Opportunities webinar, a space that aims to allow NGOs to organize and prepare at national and regional level for the process towards COP26. This event will inform and update on the results achieved during the inter-sessional meeting that took place from May 31 to June 16, as well as present the upcoming climate agenda for COP26.

We also ask for your support in dissemination. In this RRSS Pack you will find material to share on your social networks.

When? Friday, July 2 at 20:00 hrs GMT
Registration: https://bit.ly/35V1WlH
This webinar will have simultaneous translation into English, Portuguese, French and Spanish
Open and free

 

Interesting op-eds:

• • Ministers of development in Denmark, Sweden and Norway call on other countries to pay more climate finance and 50% for adaptation https://gca.org/news/nordic-development-ministers-more-countries-must-increase-their-contribution-to-global-climate-finance/

• Shell court ruling is a wake-up call for governments to end fossil fuel support: https://www.climatechangenews.com/2021/06/30/the-shell-court-case-must-be-a-wake-up-call-for-governments-to-end-fossil-fuel-support/
• Debt for Climate Swaps blueprint: https://www.climatepolicyinitiative.org/publication/debt-for-climate-swaps/

Best regards,

 

Leia