The UNFCCC Standing Committee on Finance (SCF), a constituted body under the Convention and the Paris Agreement organized series of webinar on the ongoing efforts of public and private finance actors to implement the Paris Agreement by making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. The first webinar "Financial sector’s views regarding implementation of Article 2, paragraph 1(c) of the Paris Agreement' was organized in partnership with UNEP Finance Initiative and UN-Principles for Responsible Investment.

Background

The Glasgow Climate Pact and the outcomes of COP26 and CMA3 emphasized the important role of financial institutions and the private sector in contributing to the achievement of the Paris Agreement. Amongst others, decisions called for enhanced finance mobilization to deliver the scale of resources needed and innovative financial instruments to implement climate plans, particularly to address adaptation and vulnerabilities to adverse effects of climate change, as well as to accelerate the alignment of financing activities with the goals of the Paris Agreement.

In particular, the goals laid out in Article 2 paragraph 1 of the Paris Agreement foresee:

(a) Holding the increase in the global average temperature to well below 2 °C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C above pre-industrial levels, recognizing that this would significantly reduce the risks and impacts of climate change;
(b) Increasing the ability to adapt to the adverse impacts of climate change and foster climate resilience and low greenhouse gas emissions development, in a manner that does not threaten food production; and
(c) Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

Objective

The purpose of the webinar was to elicit a broad and in-depth response to the invitation for submissions related to Article 2, paragraph 1(c) of the Paris Agreement and contribute to the ongoing mapping of available information in 2022, with a view to informing COP 27 and CMA 4 in November 2022 as well as the global stocktake. Furthermore, it provided a space to discuss how asset owners and banking communities and the SCF can help each other to foster implementation of the Paris Agreement and how to productively engage in the UNFCCC process. 

Programme

The informal webinar was chaired by the co-facilitators of the SCF workstream on Work relating to Article 2, paragraph 1(c), of the Paris Agreement, Mr. Ali Waqas Malik (Pakistan) and Mr. Kevin Adams (USA) and co-facilitated by two selected lead discussants from the respective NZAOA and NZBA networks.