The Changing Landscape of Climate Financing in Asia and the Pacific

Description

Countries around the globe are calling for a new global financial architecture that addresses parallel crises such as economic slowdown, recovery from disasters, and rising debt, among others, in addition to climate change. COP outcomes have called for reforms in multilateral development banks, the Bridgetown Initiative spearheading a more programmatic approach in climate finance delivery, the increasing focus on the role of finance ministers and the continuing exercise towards determining the New Collective Quantitative Goal, among many, contribute to help shift how the landscape should look. In recent years, the landscape of climate finance has been evolving rapidly in response to the growing recognition of the urgent need to address climate change, more so in Asia and the Pacific. For Asia and the Pacific to cope with the impacts of climate change and curb its carbon dioxide emissions, swift and massive climate actions are necessary. Governments, financing institutions, philanthropy, the private sector, and key stakeholders must work together to mobilize and deliver sufficient and timely climate finance for the necessary climate actions; making substantial climate finance a catalytic factor to help achieve the goals set in the Paris Agreement.

Objectives

This side event will discuss the global demands on the financing architecture and how it will affect the landscape for Asia and the Pacific. It will present an overview of the climate finance flows in the region, highlighting key financing figures as well as the challenges and opportunities in narrowing the financing gap. In the panel discussion, each panel member is expected to speak on their institutions’ role in shifting the architecture to meet the demands for a change in delivering climate finance. More importantly, they will expound on the roles of various institutions in not only delivering finance but supporting the process of accessing climate finance, and in creating enabling environments to overcome identified challenges and successfully turning them into opportunities.

Opening remarks

• Fatima Yasmin, Vice-President (Sectors and Themes), ADB

Resource speakers

• Noelle O’Brien, Director, Climate Change, ADB
• Tiza Mafira, Director Climate Policy Initiative - Indonesia Office
• Hannah Binci, Foreign Commonwealth and Development Office (FCDO), UK Representative, for the Task Force on Access to Climate Finance
• Danica Marie Supnet, Climate Policy Director, Institute for Climate and Sustainable Cities
• Takena Redfern, Acting Director, Climate Change and Disaster Risk Management Division, Office of Te Beretitenti (President), Kiribati

Moderator

• Esmyra Javier, Climate Change Specialist (Climate Finance), ADB