Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesIn response to country needs to mobilize low-carbon, climate-resilient investments, a new global public platform will aim to increase the flow of capital in developing countries to meet climate ambitions.
The Climate Investment Platform (CIP) is an inclusive partnership welcoming all stakeholders from governments and international organizations to the private sector to scale-up climate action and translate ambitious national climate targets into concrete investments on the ground.
With energy accounting for two-thirds of total greenhouse gas emissions, the platform’s first service line is dedicated to the global transition to clean energy. Other service lines, such as adaptation, land use, cities and infrastructure will be launched in the first quarter of 2020. By decluttering and streamlining support to developing countries, the platform aims to accelerate action and advance climate investment in developing countries. Progress will be presented at UNFCCC COP 25 in December 2019.
The service offered by the CIP covers four key building blocks along the climate finance value-chain: supporting governments to specify ambitious energy targets and scale up their nationally determined contributions (NDCs), establishing well-designed, implemented and enforced clean energy policies and regulations, financial de-risking of energy projects, and a market-place to connect clean energy investors and project sponsors.
“Renewable energy is the most effective and ready solution to rising carbon emissions. Together with energy efficiency, they can deliver 90 percent of the emission reductions needed under the Paris Agreement, but investment and deployment must increase significantly,” said IRENA Director-General Francesco La Camera. “This partnership combines the strengths of the respective organisations to deliver tailored, proactive policy and investment support to set the energy transformation on a climate-safe path.”
Original source: IRENA
Published on 22 September 2019