NDC Partnership provides developing countries with enhanced financing tools to ramp up implementation of climate measures
PR95648
MONTEGO BAY, Jamaica, April 25, 2022 /PRNewswire=KYODO JBN/ --
Developing countries will access new climate funding and finance tools to
address climate change, thanks to a Finance Strategy launched by the NDC
Partnership in Montego Bay, Jamaica.
The Most Honourable Andrew Holness, Prime Minister of Jamaica, launched the new
Strategy with NDC Partnership Co-Chairs, Senator the Honourable Matthew Samuda
of Jamaica, Minister without Portfolio in the Ministry of Economic Growth and
Job Creation, and The Right Honourable Alok Sharma of the United Kingdom, COP
President and Member of Parliament, to support developing countries implement
their climate commitments.
The Finance Strategy targets money and support for developing countries,
harnessing a unique cooperation model to drive sustainable national, regional
and international transformation.
The Strategy will:
- Strengthen country capacity, deploying specialist advisors to sectoral
ministries and national development banks,
- Guide countries developing NDC financing strategies with Development and
Implementing Partners to align NDCs with wider development plans, and
- Facilitate private sector buy-in on financing strategies to enable the
implementation of NDCs.
The new Finance Strategy builds upon the Partnership's recent work, which has
seen USD1 billion mobilized to support developing countries' climate action.
Yet, much more is needed. The Intergovernmental Panel on Climate Change's Sixth
Assessment Report, Climate Change 2022: Mitigation of Climate Change [
https://www.ipcc.ch/report/sixth-assessment-report-working-group-3/ ], warns
that we are not on track to meet the 1.5 degrees C target above pre-industrial
levels established in the Paris Agreement.
Following COP26, countries have shifted their focus to implementation of
climate commitments, but climate action requires unprecedented speed and scale.
In its World Energy Transition Outlook, NDC Partnership Member, the
International Renewable Energy Agency (IRENA) estimates USD51 trillion is
needed in cumulative energy investments alone to achieve the 1.5 degrees C
scenario (2021-30).
"As a small island developing state, the 1.5-degree goal of the Paris Agreement
is not an abstract target but a matter of survival," said Prime Minister
Holness. "That is why the development and launch of the NDC Partnership's
Finance Strategy is so important and timely."
"The Partnership's Finance Strategy provides a strong signal to members and
global leaders that raised ambition in developing countries must be urgently
matched with large-scale, predictable and timely financing," added Minister
Samuda.
COP President Alok Sharma added: "At COP26 we made significant progress, but
now is the time to turn commitments into action. The Partnership has shown that
by combining countries' leadership with a coordinated response from
international partners, technical and financial support can be mobilized
effectively."
About the NDC Partnership
The NDC Partnership brings together more than 200 members - including 115
countries, developed and developing, and 80 institutions - to deliver ambitious
climate action that helps achieve the Paris Agreement and the Sustainable
Development Goals (SDGs). Governments identify their NDC implementation
priorities and the support needed to produce actionable policies and programs.
This informs a tailored package of expertise, technical assistance, and
funding, for members.
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Source: NDC Partnership
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