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Short-lived climate pollutant (SLCP) emission reductions can play an instrumental role in curbing climate change while also realizing co-benefits for air quality, health and agricultural productivity. Yet despite these multiple benefits, SLCP mitigation projects have not been financed to their full potential.
Encouragingly, several existing funds are in a position to finance projects, technologies, and policies that cut SLCP emissions. The private finance sector – hedge funds, banks and insurance companies – is also increasingly aware of climate change risks and the economic benefits of mitigation activities. The challenge is to create an environment where these sources of finance can be channeled to SLCP projects at a larger scale.
Recognizing the need to accelerate and scale up SLCP mitigation, the Coalition established the Finance initiative to catalyze investment for this purpose while maximizing near-term climate and health benefits. The initiative provides training and technical assistance to financiers and key stakeholders to make investment in SLCP activities more straightforward, reliable, and attractive to the finance sector.
Finance for SLCP reductions is a diverse activity that will require solutions customized to each sector, type of purchase and investment being made. Mitigation projects span multiple sectors, including fossil fuels, agriculture, household energy, and industrial processes; and require financing activities that range from long-term public sector infrastructure investments and public procurement, to corporate investments and individual purchase decisions.
Since many of the institutions engaged in SLCP finance have largely focused on financing carbon dioxide abatement, the initiative is specifically working with partner financial institutions to develop tools that will allow them to assess and prioritize investments based on their contributions to SLCP reductions.
The initiative’s work is focused on:
The initiative aims to unlock financial resources to support transformational actions that reduce SLCP emissions at scale. It does this by engaging key stakeholders and mobilizing public support to attract private sector investment. The initiative also seeks to increase engagement of the financial sector to take on more systematic considerations of financing dimensions in each of the Coalition’s sectoral initiatives.
In particular, the Financing initiative aims to:
Funding from our Finance Initiative has provided training and technical assistance to financiers and key stakeholders to make investment in short-lived climate pollutant activities more straightforward, reliable, and attractive to the finance sector. Our achievements include:
Lead Partner: A Coalition partner with an active role in coordinating, monitoring and guiding the work of an initiative.
Implementer: A Coalition partner or actor receiving Coalition funds to implement an activity or initiative.
It is estimated that to mitigate climate change, and to decorbonize the economies of the world, will require channelling financing of over 1 trillion USD per year until 2050 to green the two most GHG emitting sectors: energy and land-use.
At COP15 in Copenhagen in 2009, developed countries committed to a goal of jointly mobilising USD 100 billion a year by 2020 from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance.
Results-based programs disburse funds in relation to outputs or outcomes rather than inputs and activities. For an example of successful RBF program, please see webinar on developing clean stove technologies.
From fund governance and eligibility to sharing experiences on on-going projects, the Climate Finance Options platform enables users to get an informed perspective.
Climate Funds Update is an independent website that provides information on the growing number of international climate finance initiatives designed to help developing countries address the challenges of climate change.
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