CCAP at COP25 – Week 2

During the second week of COP25, CCAP is supporting two events hosted by the COP25 Chilean Presidency for Green Finance Day:

The Role of Public Finance for Climate Action in Context of a New Climate Finance Goal

Date: Monday, December 9, 2019

Time: 8:45- 10:15 am

Context: Limiting global warming to the 1.5 degrees target and achieving the long-term adaptation and resilience goal in the Paris Agreement require urgent action at scale. Substantial levels of investment will be needed over the next two decades. There are immediate needs for new resources to fund ambitious action to curb emissions and adapt to locked-in climate change. The Global Commission on Adaptation, for instance, warns that adapting now is in our strong economic self-interest. In its 2019 report, the Commission found that investing $1.8 trillion globally in five areas from 2020 to 2030 could generate $7.1 trillion in total net benefits.

Objective: Share the views of panelists on the key role of public finance to support climate goals in developing countries including through fiscal, economic, and financial policies to cut emissions and prioritize low-carbon growth. Panelists will also discuss how to reflect in the new climate goal the urgency of providing public resources to build lower emissions, resilience, and enable developing countries’ economies and societies to adapt to the profound consequences of climate change in the context of post-2020 finance and the new climate goal.

Format: Discussion Panel

Moderator: Ambassador Luis Alfonso de Alba, United Nations Secretary-General’s Special Envoy on Climate Change

Speakers: Mr. Gabriel Yorio, Deputy Minister of Finance and Public Credit of Mexico Mr. James Shaw, Associate Minister of Finance and Minister of Climate Change, New Zealand Mr. Ricardo Lagos, Former President of Chile and Member of the Presidential Advisory Committee for COP25 Ms. Emma Navarro, Vice-President, European Investment Bank Mr. Josué Tanaka, Managing Director for Operational Strategy and Planning, Energy Efficiency and Climate Change, European Bank for Reconstruction and Development EBRD Mr. Yannick Glemarec, Executive Director, Green Climate Fund

Support: Global Climate Action/Center for Clean Air Policy (CCAP)

Implementing Article 2.1.c of the Paris Agreement: Approaching the shift of financial flows

Date: Monday, December 9, 2019

Time: 10:45 – 12:15 am

Context: Shifting global financial flows to net-zero carbon, climate-resilient development in line with Article 2.1.c of the Paris Agreement is a major undertaking for governments, the private sector, and other stakeholders. Financial actors and overall the private sector will need to step up their leadership in scaling down brown investments. As reflected in the Helsinki Principles of the Coalition of Finance Ministers for Climate Action, Ministries of Finance will play a key role in setting the rules of the game, allocating funds in a climate-compatible way, mobilizing private sector investments, and in ensuring climate-resilient financial systems.

Objective: This event will focus on the role that public and private actors have to align all financial flows with climate-compatible goals to curb emissions, enhance resilience at a systemic level, and address climate-related risks.

Format: Panel discussion

Moderator: Lord Nicholas Stern, Professor of Economics and Government and Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics

Panelists: Mr. Hiro Mizuno, Executive Managing Director and CIO, Government Pension Investment Fund, Japan Ms. Helena Vines Fiestas, Deputy Global Head of Sustainability, BNP Paribas Asset Management Mr. Frank Scheidig, Deputy Chairman of OMFIF Advisory Board Mr. Guenther Thallinger, Chief Investment Officer, Allianz Group Mr. David Cumming, Chief Investment Officer, Equities and Head of UK Equities, Aviva Investors Mr. Peter Damgaard Jensen, Chief Executive Officer, PKA, Chair of the Institutional Investors Group on Climate Change, and Commissioner, Global Commission on Adaptation

Support: Global Climate Action/Center for Clean Air Policy (CCAP)