Climate Finance Pledges Announced at COP 24 Global Climate Action Event
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First Minister of Scotland, Nicola Sturgeon, announced £200,000 in support of the Marrakech Partnership for Global Climate Action.

Five international banks said they will work to align their portfolios with the Paris Agreement.

4 December 2018: The 24th meeting of the Conference of the Parties (COP 24) to the UNFCCC convened a high-level session on climate finance. The event launched eight days of focused dialogues and events on global climate action, which aim to build a bridge between government delegates and non-Party stakeholders in global responses to climate change.

The event’s opening plenary highlighted the critical role of cooperation between State and non-State actors to keep the world on track to meet the 1.5°C goal under the Paris Agreement on climate change. Leaders also underscored the role of global climate action in driving enhanced national action. UN Secretary-General Antonio Guterres called for “networked multilateralism” to adapt to global challenges. Prime Minister Mateusz Morawiecki, Poland, underlined the need to achieve ambitious goals, which, he said, requires social acceptance.

Banks can play a role in scaling and accelerating the transition towards a climate-resilient world.

Explorer Bertrand Piccard, Solar Impulse, moderated two dialogues on opportunities to be found in global climate action. During the discussion, First Minister of Scotland, Nicola Sturgeon, stressed that the world has a “moral responsibility” to prevent and mitigate the effects of climate change, highlighting the creation of the ‘Just Transition Commission,’ which seeks to demonstrate there is “nothing to fear and everything to gain” from a transition to a low-carbon economy. Sturgeon also announced £200,000 in support of the Marrakech Partnership for Global Climate Action. The investment aims to encourage collaboration between government, business and other stakeholders to immediately lower emissions and increase resilience to climate impacts.

ING CEO, Ralph Hamers, announced a collaboration with BBVA, BNP Paribas, Standard Chartered and Société Générale to measure the climate alignment of their lending portfolios, with the aim of aligning their portfolios with the Paris Agreement. Hamers stressed the role banks can play “in scaling and accelerating the transition towards a climate-resilient world.” The five international banks pledge to focus on the most carbon-intense sectors, develop sector-specific transition pathways and engage with companies on transitions rather than exclude them. The banks will examine clients’ future investments to support “a shift to low-carbon assets in line with science-based scenarios.”

Hindou Oumarou Ibrahim, Indigenous Peoples, underlined the need to remove barriers to access finance, stressing that “we don’t have the time to wait for finance to flow.” High-Level Climate Champion, Inia Seruiratu, Fiji, said vulnerable regions and small island developing States (SIDS) will build a vision for a net-zero emission world and resilient societies. [UNFCCC Press Release] [ING Press Release] [Banks’ Katowice Commitment Letter] [IISD ENB Coverage of Katowice Climate Change Conference] [IISD ENB Coverage of Global Climate Action Event]


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