- On 4-6th September, heads of state will meet in Nairobi for the Africa Climate Summit. Simultaneously, the Finance in Common Summit will bring together 500+ global public development banks (PDBs) in Cartagena.
- Given the increased geopolitical fragmentation and multipolarity in the international arena, these key political moments are an opportunity for middle-power countries to continue to show climate leadership and assert their agendas on the global stage.
Story
There are three key tasks that global leaders need to deliver for progress on climate action in the remaining four months of the year:
- directing the next phase of climate policy-making by countries and companies to make the Paris Agreement system work,
- setting decision-making pathways for financial system reform, and
- answering the question of the role of fossil fuels in the economy.
Despite a lack of progress so far this year, the remaining key multilateral moments of 2023 are opportunities for countries to show leadership and address these tasks – through a series of summits dedicated to the question of transforming the global financial system to fund climate and development goals, and by galvanising a new political direction on climate action in response to the first UN Global Stocktake on the Paris Agreement goals.
In September, two summits in smaller, non-traditional power broker countries are poised to be venues for progress outside of the traditional multilateral fora. These global moments continue the dialogue that started in Paris during the Summit for a Global New Financial Pact. Most importantly, it will bring to the fore the perspective of Africa and Latin America in discussions on reforming the global financial architecture, en route to COP28 and beyond.
The Africa Climate Summit (ACS) is a unique opportunity for Kenya to rally African leaders around financial system reform and the green economy. There is potential for an ambitious reform agenda, encompassing changes to the international financial architecture and a surge in renewable energy on the African continent. Credible financing solutions and support for local, integrated and efficient energy systems could catalyse a just energy transition. Global South leaders can also align on a clear set of asks to take to the G20, the IMF/WB Annuals and COP.
The 4th Finance in Common Summit (FiCS), and the first in Latin America and the Caribbean (LAC), is an opportunity to rally global public financial institutions around the financial system reform agenda. Public development banks must respond to current momentum on financial reform with ambition, and streamline their work to deliver on development and climate goals effectively. To enable this, FiCS has the potential to help deliver a coordinated and effective ecosystem of public development banks – with ambitious MDB reform as a central component. This occasion can also spotlight the LAC region’s needs in terms of climate finance, governance of key institutions and debt.
Available for background and comment
On the ground at the Africa Climate Summit
Charra Tesfaye Terfassa, E3G Senior Associate (EN). Climate diplomacy, UNFCCC, geopolitical context.
charra.tesfaye@e3g.org | +44 7901 350074
Franklin Steves, E3G Senior Policy Advisor (EN, FR, ES, RU). Global financial reform, debt burdens, Bridgetown Initiative, climate finance.
franklin.steves@e3g.org | +44 7484 815 434
Dileimy Orozco, E3G Senior Policy Advisor (EN, SP). Development banks and private finance, green recovery, IFA reforms.
+44 7876 301 615 | dileimy.orozco@e3g.org
On the ground at the Finance in Common Summit
Laura Sabogal Reyes, E3G Policy Advisor (EN, ES, DE). Public banks – multilateral development banks, bilateral development banks – Paris Alignment and climate finance, Nature finance, innovative financial mechanisms, World Bank/IMF Annual Meetings.
laura.sabogal@e3g.org | +49 160 96466368
Frank Schroeder, E3G Senior Policy Advisor (EN, DE). Global transition finance, Global financial reform, Governance of multilateral institutions, private finance mobilization, innovative financial mechanisms.
frank.schroeder@e3g.org
Closely following from E3G offices
Tom Evans, E3G Policy Advisor (EN). Climate diplomacy, UNFCCC, COP28, Global Stocktake, international climate ambition.
tom.evans@e3g.org | +44 (0) 7931 317 327
Ronan Palmer, E3G Associate Director, Clean Economy (EN). Financing the clean economy, Bridgetown Initiative, debt, fiscal space, public banks, international development.
ronan.palmer@e3g.org | +353 89 491 7948
Sima Kammourieh, E3G Programme Lead (EN FR DE AR). Transition plans, international financial regulation and standards.
+49 151 17604965 | sima.kammourieh@e3g.org
Camilla Fenning, E3G Programme Lead (EN). Coal phase-out, international coal transition, financing coal exit, fossil fuel transition.
camilla.fenning@e3g.org | +44 7961 047835
Notes to Editors
- E3G is an independent climate change think tank with a global outlook. We work on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate. Our goal is to translate climate politics, economics and policies into action. About – E3G
- For further enquiries email press@e3g.org or phone +44 (0)7783 787 863
