Stabilizing the global climate is one of the most urgent challenges in coming decades. Our warming world affects all people and ecosystems, particularly the poor who already suffer disproportionately from climate-change impacts.
Despite difficult negotiations in Lima, discussions signaled the positive outlook among development banks for expanding climate finance in Latin America and the Caribbean.
With increasing low-carbon investments, pledges to the Green Climate Fund, and ambitious renewable energy and efficiency targets demonstrate robust political and financial commitments, building momentum for a strong global response to climate change.
The International Development Finance Club (IDFC)—a group of international, national, and regional development banks based in the developed and the developing world—released its annual report on green investment (i.e. mitigation, adaptation and ‘other’ environmental finance which includes environmental protection and remediation related projects)—as the world’s climate negotiators were meeting in Lima, and its numbers are significant.
Call it bad timing: Brazil’s greenhouse gas emissions intensity is rising while that of most of the G20 countries decreases, just as more infrastructure investment will be needed to support expected economic growth and social inclusion. Representatives of commercial banks in Brazil, the Brazilian Development Bank (BNDES), the Inter-American Development Bank (IDB), Brazil’s Ministry of Finance and others joined WRI experts to explore how they can collectively help the country make the transition to a low-carbon economy.
The UN Climate Summit brought together more than 125 heads of state and government officials—the largest-ever climate meeting of world leaders. Leaders clearly demonstrated their understanding that the impacts of climate change are real and costly, and that they no longer have to choose between economic growth and climate action—they go hand-in-hand.
WRI’s experts were in New York for all the action. While the outcomes from the Summit are still evolving, here’s our first look at progress made and next steps.