COP28 President-Designate, IMF Managing Director, UN Special Envoy for Climate Action and Finance issue joint statement on climate action and finance

COP28 President-Designate, IMF Managing Director, UN Special Envoy for Climate Action and Finance issue joint statement on climate action and finance

WASHINGTON, 12th April, 2023 (WAM) -- Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President-Designate, and Mark Carney, UN Special Envoy for Climate Action and Finance and Co-Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), today co-chaired a roundtable discussion hosted at the IMF to discuss actions needed to urgently accelerate climate action and finance.

The participants included representatives from governments, international financial institutions, development banks, philanthropic organisations, and private financial institutions committed to net zero.

At the end of the discussion, the participants issued a joint statement, which reads:

"Climate change is one of the most critical macroeconomic and financial policy challenges that IMF members face in coming decades. Capital is among the most important enablers of climate action, but not enough is getting to the people and places that need it most.

As massive global investments to reduce emissions and boost resilience are required – we need a major shift to harness public and, especially, private financing. That includes substantially more concessional finance that can lower risk and drive private sector finance more efficiently to emerging and developing countries. It also requires that