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제목: Why Climate Finance Matters: Remarks by UN Climate Change Executive Secretary Simon Stiell (9 May 2023)

576자/ 5분 31초

Glossary

1	UNEP’s Finance Initiative	UNEP 금융이니셔티브	유엔환경계획
2	investor preferences	투자자 선호도
3	IEA	IEA	국제 에너지 기구

본문

Excellencies, colleagues, friends,

I’d like to start by thanking UNEP’s Finance Initiative for convening this forum and inviting me to speak on an issue of critical importance: climate finance.

Let’s get right to the point. Everyone in this room is aware of the urgent need to mobilize trillions of dollars in investment to tackle the climate crisis. We’ve made some progress in recent years, but we still have a long way to go. So how do we get there? What do we need to do, starting right now, to mobilize those trillions of dollars? And how can we work together to make that happen?

From shifting investor preferences to reforming multilateral development banks to tackling currency risks, there are many factors that will determine our success or failure in this endeavor. But before we dive into the details, let’s take a step back and consider why climate finance matters.

Put simply, we cannot achieve our climate goals without it. Whether we are talking about transitioning to renewable energy, improving energy efficiency, or protecting vulnerable communities from the impacts of climate change, all of these efforts require significant investment. We hear again and again that meeting the climate change challenge is costly. Something is costly when it does not contribute to the goals we set ourselves, as individuals or as societies.

Climate finance, though, is ultimately about what we, as societies, value; the world we want to live in and the lives and hardships we can save by channeling our money to build resilience against the ravages of climate change.

This is what we mean when we say we need to get the financing right.

With that in mind, I want to touch on three main points today. First, I want to set out what the current financial response to the climate change looks like. Second, I want to talk about reforming the international financial architecture. And third, I want to explain why the global stocktake and the new goal on climate finance are pivotal moments to set these reforms in motion.

So, let’s start with the financial response to the climate change. We know the scale of what’s needed is significant. According to the report, developing countries need nearly 6 trillion dollars to implement their climate action plans by 2030, and that’s with significant gaps in costing adaptation needs.

This investment is needed right now.

The UN’s IPCC notes that a big surge in investments before 2030 will not only help us meet our emission reduction goals, but it will also help accelerate economies of scale and innovation for cheaper investment costs after 2030. This will help cut adaptation costs as well. So, we need a surge in investment in the short term that will help set us on a path of sustainable growth to 2050 and beyond. If we miss this window, it may be too late.

When it comes to reducing emissions, we are seeing cheaper and more competitive technology costs that can bring more climate solutions to market in renewables and transport. But financing roadblocks remain in developing countries, stopping any significant rollout at the rate we need.

According to the IEA, clean energy investment in developing countries – apart from China – has flatlined since 2015 at approximately 200 billion dollars. Before the current inflation and debt crisis even hit, these countries were already facing financing conditions seven to fifteen times more expensive than in developed countries. This is where we are right now. 

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