New Climate Investment Platform targets increase in flow of capital to clean energy projects
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.
“The Climate Investment Platform is a crucial initiative that will simplify access to climate finance. It will catalyse investment for mitigation and adaptation in developing countries, supporting those most in need of climate action,” said Green Climate Fund Executive Director Yannick Glemarec.
“Renewable energy is the most effective and ready solution to rising carbon emissions. Together with energy efficiency, they can deliver 90 per cent 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.
“Finance is the lynchpin to achieving Sustainable Development Goal 7 and countries’ Paris Agreement commitments. However, the evidence is clear that global investment is dramatically off track to meet universal access to energy by 2030,” said Rachel Kyte, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All (SEforALL). “The Climate Investment Platform will help bridge the gap between supply and demand to accelerate capital and scale up climate resilient investments, allowing countries to raise their climate targets and develop policy environments that allow investment to flow.”
“A powerful partnership of key institutions in the energy sector, the Climate Investment Platform will help to accelerate system-wide change and deliver co-benefits across the Sustainable Development Goals – from employment and economic growth to reduced inequalities and improved health.” said UNDP Administrator Achim Steiner.
About the Green Climate Fund (GCF)
The Green Climate Fund is a global fund set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism, created to support the efforts of developing countries to respond to the challenge of climate change. GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.
Contact: Michele Pietrowski, Head of Communications, +82 10 4458 7751
About the International Renewable Energy Agency (IRENA)
IRENA is the global intergovernmental organisation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. With 160 Members (159 States and the European Union) and 23 additional countries in the accession process and actively engaged, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.
Contact: Damian Brandy, Communications Officer, +971 2 417 9016
About Sustainable Energy for All (SEforALL)
Sustainable Energy for All (SEforALL) empowers leaders to broker partnerships and unlock finance to achieve universal access to sustainable energy, as a contribution to a cleaner, just and prosperous world for all. SEforALL exists to reduce the carbon intensity of energy while making it available to everyone on the planet.
Contact: Beth Woodthorpe-Evans, +1 2023901042
About the UN Development Programme (UNDP)
UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone. On the ground in nearly 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations.
Contact: Dylan Lowthian, +1 212 9065516