GENEVA: The UN-convened Net-Zero Asset Owner Alliance will hold a high-level forum on the potential of blended finance aims, the Emirates News Agency reported.
It follows the publication Call on Policymakers to facilitate the scaling of blended finance structures to fund climate solutions in order to meet the terms of the Paris Agreement on climate change, and UN sustainable development goals.
The agenda will include a keynote address by UN Special Adviser to the Secretary-General on Climate Action Selwin Hart.
The alliance, signed by UN Special Envoy for Climate Action and Finance Mark Carney and UN High-Level Climate Action Champion Nigel Topping, noted that blended finance structures would help to mobilize climate capital toward emerging markets and developing economies.
Given their experience and expertise, particularly in EMDEs, as well as their higher risk tolerance and official development mandates, multilateral development banks and development finance institutions have significant potential to mobilize private capital through blended finance.
By collaborating with Convergence (the global network for blended finance) and establishing dialogue with members of the Coalition of Finance Ministers for Climate Action, the alliance hopes to contribute to the implementation of the highlighted solutions.
Massive capital mobilization into EMDEs is possible only if donors, development banks, and private-sector financiers work together to effect systemic change in how private capital is deployed in climate and SDGs finance.
