4.8.1.f (Q214)
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| Language | Label | Description | Also known as |
|---|---|---|---|
| English | 4.8.1.f |
No description defined |
Statements
The largest climate finance gaps and opportunities are in developing countries. (English)
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Accelerated support from developed countries and multilateral institutions is a critical enabler to enhance mitigation and adaptation action and can address inequities in finance, including its costs, terms and conditions, and economic vulnerability to climate change. Scaled-up public grants for mitigation and adaptation funding for vulnerable regions, e.g., in Sub-Saharan Africa, would be cost-effective and have high social returns in terms of access to basic energy. Options for scaling up mitigation and adaptation in developing regions include: increased levels of public finance and publicly mobilised private finance flows from developed to developing countries in the context of the USD 100 billion-a-year goal of the Paris Agreement; increase the use of public guarantees to reduce risks and leverage private flows at lower cost; local capital markets development; and building greater trust in international cooperation processes. A coordinated effort to make the post-pandemic recovery sustainable over the long term through increased flows of financing over this decade can accelerate climate action, including in developing regions facing high debt costs, debt distress and macroeconomic uncertainty. (English)
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