Amplifying voices ahead of COP28
As COP28 is approaching, calls for urgent action to address climate change grow louder. While the climate conference hosted this year in the United Arab Emirates will see the conclusion of the first global stocktake and assess progress since the 2015 Paris Agreement, the UN has warned of: global ambition stagnating, governments making insufficient progress in emission reductions and climate plans misaligning with the science and oil and gas industry. Emerging markets and developing economies – particularly vulnerable to climate change – advocate for fair, just and inclusive transition, but also find themselves grappling with challenges of high risks, underdeveloped domestic capital markets, policy misalignment, bureaucratic hurdles, lack of capacity and data.
The Autumn edition of the SPI Journal: Amplifying voices ahead of COP28 : sustainable finance in emerging markets and developing economies’ examines the calls to reform international climate finance infrastructure, with a focus of rethinking EMDEs’ access to sustainable finance. Articles also discuss necessary policies and paradigm shifts for mobilising green finance in EMDEs as well as challenges that need to be addressed. The journal delves into the role of policy-makers, central banks, institutional investors, MDBs and the private sector.
The Journal brings together views from the UN Climate Champions, African Development Bank, Bank of Mauritius, Nigerian Sovereign Investment Authority DZ Bank, EBRD, Inter-American Development Bank, IMF, JET IP, Robeco, Sustainable Fitch and International Energy Agency.
International collaboration, transparent reporting, credible policy frameworks and a culture of accountability are essential to address climate finance gaps and support the transition to a sustainable future in EMDEs. The upcoming COP28 can’t fail vulnerable communities shaken by breaking record temperatures and extreme weather events. Amid calls for decisive climate action, a timely reminder echoes: ‘The best time to plant a tree was 20 years ago. The second best time is now’.
