Together with the Norwegian mission to the EU, CICERO hosted a well-attended debate in Brussels on the private sector's contribution to climate finance.
Watch a summary of the debate in the video below by Vieuws:
Director Kristin Halvorsen presented CICERO's recent study on sources for long-term climate finance and our work with second opinions on green bonds. There is big potential for private investments in projects that are cutting greenhouse gas emissions and increasing resilience to the impacts of climate change.
- The rise of a new type of concerned investors is encouraging, said Marc Bichler, Luxemburg's Ambassador-at-large for climate change.
- The most significant development on financial markets is the growth of green bonds, added Zoe Knight of HSBC.
Yet transparency and reporting of private climate finance should be improved.
- The negotiators at COP21 should define principles for responsible investment, said Lies Craeynest of Oxfam.
Climate finance could unlock a climate deal in Paris, in some weeks.
- From being a niche subject, climate finance has moved to the centre of the discussions, said Peter Wehrheim, who's heading the European Commission's climate finance unit.
However, the goal of raising 100 billion dollars for developing countries by 2020 is far away. While climate finance has grown significantly, investments in fossil fuels are still three times as high.
- But climate change is increasingly on the agenda of the private sector. This could be a tipping point, concluded Kristin Halvorsen.