It’s Time To Move Beyond Conversations About Climate Finance

As New York Climate Week 2024 wraps up, we reflect on key discussions around climate finance ahead of COP29, the 'Finance COP.' Themed 'It's Time,' this year's event emphasized the urgent need to fulfill climate finance commitments.

During Flagship Session Two, titled ‘It’s Time to Deliver on Climate Finance and Power Sustainable Growth,’ panelists highlighted critical challenges and opportunities in transitioning to a sustainable future. Discussions ranged from the debt-driven exploitation of fossil fuels in developing nations to innovative solutions like blended financing for renewable energy investments.

Key insights included Makhtar Diop’s call for better data and de-risking investments in emerging markets, emphasizing gendered impacts of climate change, and Nigar Arpadarai’s push for greater inclusion of SMEs in global climate action. Hon. Ryan Pinder advocated for a vulnerability index to ensure equitable access to climate finance for nations like the Bahamas, and suggested a 2% tax on fossil fuel income to fund climate crisis mitigation.

As Pinder stated, "Diplomacy has an end, and we get tired of talking," underscoring the session's call for concrete, actionable steps to deliver climate finance justice.