COP23 Side Event: Maximizing the Green Climate Fund’s Impact
Bonn Zone, Meeting Room 12, 11:30-13:00
As a key element of the financial mechanism of the UNFCCC, the Green Climate Fund (GCF) plays an important role in the multilateral climate finance architecture and the successful implementation of the Paris Agreement, including the attainment of the USD 100 billion goal. The GCF has a mandate to support a paradigm shift towards low emissions and climate resilient development in a country-driven manner. It also plays a key role in catalyzing private finance at international and national levels, including by engaging local actors and financial intermediaries, and enabling private sector participation in Small Island Developing States (SIDS) and Least Developed Countries (LDCs). Now that the GCF has allocated more than a quarter of its pledged funding, has a growing set of accredited entities to work through, and has started disbursing money, it is a good time to reflect on how to maximize the fund’s impact moving forward.
In this event, speakers highlighted innovative ways the GCF is catalyzing private sector development in low-carbon, climate-resilient solutions. Through a moderated discussion, panelists explored strategic issues that should inform the GCF’s future direction, including ways to enhance private sector engagement and how best to improve access to the fund. Panelists reflected on the comparative advantage of the GCF within the broader multilateral climate finance architecture, and the role the GCF can play in driving private sector action and building capacities in areas not adequately served by existing support channels.
The event drew on the findings of WRI’s report, The Future of the Funds: Exploring the Architecture of Multilateral Climate Finance, and CCAP’s report, Mobilizing Private Sector Investment in Support of Nationally Determined Contributions.
- Isabella Lövin, Deputy Prime Minister, Sweden
- Makereta Konrote, Permanent Secretary for the Economy of Fiji
- Juan Felipe Quintero, Deputy Director, National Planning Department of Colombia
- Amar Inamdar, Managing Director, KawiSafi Ventures Fund
- Matthieu Pegon, Lead Investment Officer, Blended Finance, Inter-American Investment Corporation
- Howard Bamsey, Executive Director, Green Climate Fund