Adaptation and Resilience Finance Collaboration Urged at COP28  

Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC), has welcomed initiatives focused on adaptation and resilience on Finance Day at COP28. This included the Islamic Development Bank committing US$1 billion to support adaptation in conflict affected countries and the release of guiding principles for scaling up blended finance in climate mitigation and adaptation projects across emerging markets and developing economies by the Network for Greening the Financial System. Finance Day also witnessed a ‘Call for Collaboration’ for governments to mobilise private finance for adaptation and resilience, coordinated by IIGCC, the Insurance Development Forum (IDF), the United Nations Environment Programme Finance Initiative (UNEP FI), the Adrienne Arsht-Rockefeller Foundation Resilience Center at the Atlantic Council (Arsht-Rock), the University of Oxford Environmental Change Institute, the University of Cambridge Institute for Sustainability Leadership, and the Asia Investor Group on Climate Change (AIGCC).The partners called on policymakers to integrate private finance into efforts to evolve the international financial architecture and global policy processes on adaptation and resilience, including multilateral discussions on Article 2.1.(c) of the Paris Agreement, as well as involving private finance in the delivery of adaptation and resilience planning and action through national adaptation plans. Pfeifer said: “The international nature of COP with representatives from all corners of the world, including those most impacted by climate change today, highlights the importance of this topic but also the need for capital to be deployed at much greater speed and scale. 

 

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