COP27: Implications for Financial Institutions
The IFC Green Banking Academy in Europe and Central Asia (ECA GBAC) held an online discussion on COP27.
It is estimated that the world will require between $4 trillion and $7 trillion per year to shift to sustainable development and meet the Paris Agreement targets. In the emerging markets, financial institutions will need to provide most of the capital for the green transition.
At COP27, the largest global climate summit, there’s been much progress on mechanisms to compensate vulnerable countries and some positive steps to help middle-income countries to move away from coal. Yet, overall, financing into emerging economies – and particularly private capital – isn’t moving at the speed and scale needed to keep us at 1.5 degrees.
So, what do the decisions announced at the COP mean for financial institutions in Europe and Central Asia? And how can IFC support financial organizations to accelerate the transition to net-zero?
To learn more about COP27, please see the video from our event.
Webinar recording in English
Webinar recording in Russian (simultaneous translation)