Roughly $5 trillion of climate finance per year by 2030 is necessary to prevent the worst impacts of climate change. Current investments and financial flows remain off track from those levels needed to protect people, nature and biodiversity — and we’re running out of time to correct course.
On June 15, Systems Change Lab hosted a high-level discussion on how to unleash far more finance to tackle the climate crisis and accelerate sustainable development. Paul Bodnar moderated the session, which opened with remarks from Moazzam Malik, before moving to a panel discussion with Avinash Persaud, Catherine McKenna, and Rachel Kyte.
Ahead of June’s unprecedented Summit for a New Global Financial Pact, speakers discussed how public and private finance can deliver on both climate and development goals, especially for developing countries; how the private sector is responding to policy changes and shifting capital allocation to decarbonize the economy; how finance can facilitate the transition away from fossil fuel consumption and production; how development finance institutions can facilitate these changes; how finance will figure at COP28; and more.