Time: 13:00-14:30 Egypt time/ 11:00-12:30 GMT
According to the IPCC, while financial flows are a factor of three to six times lower than levels needed by 2030 to limit warming to below 2°C, there is sufficient global capital and liquidity to close investment gaps but require stronger public action. Multilateral Development Banks (MDBs) have a critical role in mobilising capital at scale to deliver private and public investments to achieve Paris Agreement objectives, including the Sustainable Development Goals.
MDBs committed to supporting the delivery of the Paris Agreement objectives, when it was first signed at COP21. In 2017 at the One Planet Summit, MDBs jointly announced their commitment to align their financial flows with the goals of the Paris Agreement, and at COP24, presented the joint MDB Paris Alignment Approach with six building blocks. Since then, MDBs have outlined a framework to assess the alignment of their investment projects with the goals of the Paris Agreement, as well as operationalising the Paris alignment across each institutions and committing to a timeline for Paris alignment.
This COP27 joint MDB side-event is our annual flagship event as MDB Climate Action group at COP, providing the opportunity to update the public on the progress of the MDBs Paris Alignment and share valuable experiences from the journey with various stakeholders and discuss the future. It will not only bring together high-level MDBs representatives, but also country and donor representatives, business and financial community, as well as civil society and independent think tanks, to discuss the implications of Paris alignment and the role of MDBs.
Brief history of MDB climate group cooperation:
Speaker: Nancy Saich, Chief Climate Change Expert, EIB
Paris Alignment progress update
The Joint-MDB progress update across the six building blocks of the Paris Alignment approach. Major highlights and lessons learned since COP26, key messages from COP27 into 2023, and stock-take of combined efforts and commitments.
• Harry Boyd-Carpenter, Managing Director, Green Economy and Climate Action, EBRD
• Jennifer Sara, Global Director for Climate Change, WBG
Opportunities and Challenges of Paris Alignment and the role of the MDBs
Preety M Bhandari, Senior Advisor, Global Climate Program and the Finance Center, World Resources Institute
Franz Tattenbach, Minister of Environment, Costa Rica
Vickie Gunderson, Director of Climate and Environment, US Treasury
Sir Danny Alexander, VP for Policy and Strategy, AIIB
Dr. Barbara Buchner, Global Managing Director of Climate Policy Initiative