There exists not only a financing gap … also a gap in thinking about its structuring
Recent readings for thesis (about green finance, SDG17, China, cultural mediation on behalf of climate collaboration)
“To limit catastrophic global warming, the funding for climate mitigation and adaptation must be scaled up dramatically. But the quality of the financing also matters. Rather than holding out hope that private financial institutions will translate their highly publicized trillion-dollar net-zero pledges into credible, accountable action, we should demand that states assume their proper role. That means mobilizing and directing finance toward clear and ambitious climate goals, and shaping financial markets to align with those goals. Closing the financing gap requires a radical redesign of the financial architecture and a substantive shift in financial flows. Neither will happen without policy interventions.
To specify the changes that are needed, I will moderate an all-women panel at COP27 with Barbadian Prime Minister Mia Mottley, WTO Director-General Ngozi Okonjo-Iweala, Egyptian Minister of Planning and Economic Development Hala El Said, and Scottish First Minister Nicola Sturgeon. The challenges are urgent. If states fail to take the lead on climate finance, the green transition will remain out of reach.”
About the panel
“We face not only a financing gap but also a huge gap in thinking about how to structure that finance — with the right institutional design, policies and conditions to achieve our underlying goals”- Professor Mazzucato.
“The panellists agreed that on top of bridging the existing finance gap, there is a need for a much bolder approach — from the public and private sectors — to design financial institutions, partnerships and policies capable of realising a just green transition. The challenges are urgent. If states fail to take the lead on climate finance, a just green transition will remain out of reach.”