Financing for Resilience: Closing the Adaptation Finance Gap

  • Starts7:45 am on Saturday, December 9, 2023
  • Ends9:15 am on Saturday, December 9, 2023

Climate finance is magnitudes of scale below actual need, and the first Global Stocktake assessing country progress on meeting the Paris Agreement will reflect that ambition is far below where it should be. What is more, existing climate finance disproportionately favors mitigation, and new research from the Organisation for Economic Co-operation and Development shows that adaptation finance dropped by 14 percent since 2021, now making up just over a quarter of total climate finance.

In so heavily favoring mitigation finance, climate vulnerable countries are left in a vicious cycle of underinvestment and increased vulnerability, higher losses from severe climate events, ballooning sovereign debt and a high cost of capital. Beyond adaptation finance, climate vulnerable countries will need tremendous resources to invest in Nationally Determined Contributions (NDCs) and facilitate low-carbon transitions that are also socially just.

How can the adaptation finance gap be sufficiently addressed by development finance institutions and beyond? What commitments are expected from negotiators at the 28th UN Climate Change Conference (COP28)? What reforms of the international financial system are necessary to facilitate resilient, nature-positive investments?

On December 9 at 16:45-18:15 GST/7:45-9:15AM EST, join us and Greenovation Hub (G:HUB) for an official COP28 side event on investing for climate resilience and adaptation featuring global experts on development and climate finance.

Speakers:

● Julija Polycarp, Climate Change Specialist, Asian Infrastructure Investment Bank

● Daniel Titelman, Director of the Economic Development Division, United Nations Economic Commission for Latin America and the Caribbean

● Rishikesh Ram Bhandary, Assistant Director, Global Economic Governance Initiative, Boston University Global Development Policy Center

● Yingjie Chen, Senior Program Officer, Greenovation Hub

● Maria Fernanda Espinosa (Chair), Former President of the UN General Assembly, former Minister of Foreign Affairs and Minister of Defense of Ecuador

Watch the livestream: https://www.youtube.com/@UNClimateChangeEvents/streams

Location:
UN COP28 Dubai, SE Room 8 (123 pax)

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