In this fourth episode of the ACT2025 Podcast, we hear about the issue that underlies most other areas of climate action: how to pay for the changes needed, especially in the most vulnerable countries, and how climate finance is critical to rebuild trust between countries.
Yamide Dagnet, Director of Climate Negotiations, WRI
“We need to remember that the $100-billion goal adopted in Copenhagen in 2009 was more symbolic. What developing countries want to see is a new goal that is more aligned with what is at stake, what we need to really deliver if we want to achieve the 1.5 [degree] goal.”
Maria Laura Rojas, Co-founder and Executive Director, Transforma (ACT2025 partner)
“Every single investment decision needs to be aligned with Paris. We truly need to shift those financial flows that are currently not consistent with 1.5 [degrees C], so it’s not just climate finance in terms of where is the funding coming from for renewables and for halting deforestation, but how are we moving away from those that are currently not consistent? How to phase out investments on fossil fuel and high emitting industries and activities in a planned and just manner.”
Sara Jane Ahmed, Finance Advisor, Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum
“The delivery of climate finance is not just a charity. The delivery of climate finance is important to ensure the functionality of the global system. Vulnerable, developing countries are part of the global supply chain, so the $500 billion delivery plan for 2020-2024 should be seen as an investment in the opportunities around economic growth, not just for the developing countries but also for the developed countries because we do have a globalized supply chain, and that was made very clear during the pandemic.”
More About ACT2025
For the November COP26 climate summit in Glasgow, the stakes could not be higher: to prevent catastrophic climate change that will disproportionately affect low-income countries and their people. In the face of widespread climate impacts, some of the countries most at risk have strived to be as ambitious as possible with their climate action. But because the majority of major emitters and high-income countries are not making good on their commitments or finance pledges, climate-vulnerable countries face even greater risks in the future.
WRI and a coalition of organizations and experts from all over the world — mostly the global South — recently formed the ACT2025 consortium to ensure voices from countries most exposed to climate change are heard, empowered, mobilized and adequately supported in international climate negotiations. The ACT2025 Podcast is a new WRI miniseries looking at what’s needed to secure ambitious, just and equitable outcomes at COP26 and beyond, especially for climate-vulnerable countries.
WRI experts are tracking progress throughout the UN climate negotiations, held in Sharm el-Sheikh, Egypt, from November 6-18, 2022. Explore our COP27 Resource Hub for the latest news, articles, events and more.