BKMC Co-chair Ban Ki-moon delivered a keynote speech at the GCF Private Investment for Climate Conference

As the Chair of the Council of Global Green Growth Institute (GGGI), Co-chair Ban Ki-moon delivered a keynote speech at the Green Climate Fund Private Investment for Climate Conference that kicked-off on October 7th and lasted until October 9th in Incheon, the Republic of Korea.

If we delay action today, we’ll have to pay much a dearer price tomorrow. Let us show the world that we can work and thrive together to make this planet better and sustainable. — Ban Ki-moon

The GCF Private Investment for Climate Conference (“GPIC”) is a global marketplace and ecosystem where leading private sector actors including project sponsors, institutional investors, financial institutions, climate leaders, and the public sector come together to accelerate climate action in developing countries.

This year’s GCF Private Investment for Climate Conference, focusing exclusively on the private sector gathered more than 600 participants from over 100 countries. 

On the second day of the GPIC, under the theme of Mobilizing Institutional Investors and the Global Finance Sector for Climate, Co-chair Ban said, 

The private sector manages more than $210 trillion in assets but invests less than 5% in climate finance. The climate crisis is too big, too serious, too urgent to use the resources of public institutions alone. 

The Green Climate Fund (GCF) is the world’s largest dedicated fund helping developing countries reduce their greenhouse gas emissions and enhance their ability to respond to climate change. GCF has a crucial role in serving the Paris Agreement, supporting the goal of keeping average global temperature rise well below 2°C. We do so by channelling climate finance to developing countries and mobilizing private sector capital at scale.

GCF’s decision to hold this second annual private sector-focused forum reflects the Fund’s recognition that investments by businesses and other financial actors needs to be greatly increased if the world is to effectively deal with warming global temperatures.

The conference offers a unique opportunity to chart ways for institutional investors, including sovereign wealth funds, pension funds and insurance companies, to tap GCF finances to expand emerging markets of low-emission and climate resilient growth.

GCF’s Private Investment for Climate Conference helped further drive the momentum of increasing private sector engagement in tackling the climate challenge which was a marked feature of the UN summit.

Source: Green Climate Fund

© GGGI

Ban Ki-moon stresses the “Urgency for Transformative Action” for climate change

The Global Programming Conference hosted by the Green Climate Fund (GCF) kicked off on August 19th in Incheon, South Korea. BKMC Co-chair Ban Ki-moon delivered a keynote at the Plenary Session “Urgency for Transformative Action: The 1.5 Degree Celsius Imperative.”

The Conference served as a platform for high-level dialogue on country and entity programming plans with the GCF and invited developing countries to discuss the demand for GCF resources. Those resources move the countries towards low emission and climate-resilient pathways in line with the objectives of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

Ban Ki-moon was the very person who convened 195 countries in Paris to adopt the world’s first universal climate change agreement called the Paris Agreement in 2015. He currently also serves as President and Chair of the Global Green Growth Institute (GGGI) and leads the Global Commission on Adaptation.

Conference Agenda: https://bit.ly/2KSkuYT
Learn more about the Paris Agreement: https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement

Keynote Speech at the Global Programming Conference

 KEYNOTE SPEECH
by Ban Ki-moon
Global Programming Conference
August 19, 2019 (Mon); 11:30-11:45
Main Plenary Hall, Convensia Center, Songdo

Mr. Vice President Teuea Toatu, /
Mr. Deputy Prime Minister Mark Brown, /
Mr. Deputy Prime Minister Mahdi Mohamed Guled, /
Executive Director of the Green Climate Fund Mr. Yannick Glémarec, /
ministers and vice ministers, / distinguished experts and guests, / ladies and gentlemen,

Thank you for inviting me to address this distinguished group of leaders and experts / from so many governments and institutions, / and from so many countries and regions of the world.

Most of all, / thank you for allowing me to be a part of the all-important dialogue / concerning the future direction and replenishment of the Green Climate Fund.

I was the United Nations Secretary-General during the time of the creation of the Paris Climate Agreement and the Green Climate Fund, / and I still have a keen interest in the successes of both / because I still believe / without doubt / that our future livelihoods depend on it.

The report by the UN Intergovernmental Panel on Climate Change is very clear. We have 10 years to cut carbon emission by half / in order to keep global warming to 1.5 degrees Celsius / and to prevent the catastrophic effects of climate change.

Today, / we can already see the sad consequences of 1 degree of global warming—not only on the news channels and front pages—but in our beaches, mountains, farmlands and cities / in the form of extreme weather patterns, / rising sea levels / and changing landscapes.

Even if we were to do everything right starting today, / these climate-related impacts, / which are already prevalent and on its way to becoming the new norm, / will still increase because it takes time to reverse the damages that we, / the inhabitants of planet Earth, / have already put in motion. Just as a huge pot of boiling water takes time to cool, / our planet will require time to cool.

 

Ladies and Gentlemen,

That is why we cannot procrastinate / or defer to the next generation any longer. We must act now, / and we must act together.

On this backdrop, / I would like to highlight three points today.

First, / the Green Climate Fund, / as the largest multilateral fund dedicated to climate change, / has a key role to play. But for it to do so, / it must be resourced ambitiously, / so it can deliver effectively and urgently.

It is not a mere coincidence / that the Global Green Growth Institute and the Green Climate Fund have been partnering together closely since 2017, / the year in which the two organizations signed a bilateral MOU of cooperation, / as well as the Readiness and Preparatory Support Agreement.

As a result, / more than 20 GGGI Member Countries have nominated GGGI to be their delivery partner for GCF’s Readiness Program, / resulting in $7.5 million secured / and with more than twice that amount on the way.

Second, / mitigation and adaptation need to move together, / and adaptation should also move into the mainstream of policy making and development planning.

The negative effects of climate change will not disappear overnight, / and investing in adaptation is the wise choice to make.

It should not be mistaken / as a sign of giving up hope on mitigation. It is a two-pronged maneuver: / one to simultaneously lessen and reverse the threats to communities, businesses and economies in the longer-term, / and another to protect from climate shocks in the near-term.

This is why the Global Commission on Adaptation—a commission I am currently chairing to accelerate adaptation action—is looking to work more closely with the Green Climate Fund / and to increase adaptation finance, / which has lagged behind mitigation finance.

Lastly, / I have emphasized again and again to leaders of developed countries / to not overlook the most vulnerable countries / and the marginalized groups of the world, / and I would like to do so again.

In a twist of cruel irony, / the poorest and most vulnerable countries—the ones that often have the least capacity to access climate funds / and often tend to be the most exposed or susceptible to climate change—the Small Island Developing States and the natural resource-dependent countries, / they face some of the greatest challenges from climate change, / whether it be loss of land from rising sea levels, / land degradation / or loss of biodiversity.

GCF should be applauded for its pioneering efforts to set ambitious benchmarks for climate finance / and to improve direct access to funds, / including through the Simplified Approvals Process / and a fast-tracking accreditation process for entities already accredited with the Adaptation Fund.

 

Ladies and Gentlemen,

I hope you will remember these three points I have just made.

In order to have GCF continue to play a key role, / in order to foster a successful two-pronged strategy with mitigation and adaptation, / and in order to justly help the poorest and most vulnerable countries, / the ongoing and new collaboration between institutions will be of utmost importance, / and the scaling up of resources and support will be absolutely critical.

More institutions such as the Global Green Growth Institute and the Global Commission on Adaptation / will need to collaborate with GCF, / and governments need to follow in the footsteps of Germany and Norway / and provide scaled-up resources.

Because climate change is not a problem bound to only one country, region or sector, / and green growth and adaptation solutions cannot be implemented by one country, region or sector.

We need to transcend and cross political aisles, national boundaries and sectors / to work together to discover innovative solutions / and pull together to combine all the resources and support.
Either we will all benefit together, / or we will all suffer together. And, in order for all of us to benefit together, / we need to do start now.

If we do this, / I believe this could be perhaps the greatest contribution of our generation / to our future generations.
Thank you for your attention.

 

/END