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