COP27: UNCTAD forum underlines urgent need for more investment in climate action
"COP27 forum underlines urgent need for more investment in climate action", 11 November 2022
...High-level policymakers, heads of international organizations and private sector leaders at the forum called for collective solutions, multilateral cooperation and coherent action to tackle climate change.
They underscored the role of trade and investment in supporting a just low-carbon transition and climate transformation and outlined ways and means to contribute to climate change mitigation and adaptation in line with the Paris Agreement.
“What we need is a roadmap and a global alliance that gives us clear directions for how to maximize the contribution of the international trade and investment system to fight against climate change,” UNCTAD Secretary-General Rebecca Grynspan said.
WTO Director General Ngozi Okonjo-Iweala said: "We need to build a coherent framework of trade and investment policies and roadmaps that can accelerate the energy transition and boost re-investments.”
Scaling up predictable climate financing, decarbonizing the logistics of trade and global value chains, and boosting green investments are crucial for the transition to a low-carbon economy.
Climate change has a considerable impact on global value chains and international production networks by affecting trade flows and specialization, disrupting distribution, transport, supply chains and raising transaction costs...
The forum highlighted the growing and renewed urgency of mobilizing financial resources for investment in climate change mitigation and adaptation, especially in developing countries.
Investment in climate change mitigation, especially renewable energy, is booming but most of it remains in developed economies, while adaptation investment continues to lag well behind.
This is particularly worrying as emerging indicators point to possible setbacks in the energy transition, with increased fossil fuel production in countries previously committed to reducing emissions...