September 24, 2015 event in NYC Climate Week by France Stratégie and the Fondazione Eni Enrico Mattei : Funding the Low Carbon Transition: the Role of the Financial System

By Dr Magdalena A K Muir, Advisory Board Member, Climate and Climate Editor

Within the framework of Climate Week New York City, France Stratégie and the Fondazione Eni Enrico Mattei  jointly organizing an event bringing together top-level experts and policymakers in the fields of climate change, finance and monetary policy to discuss the possible contribution of financial mechanisms to carbon emission reductions.

EUCC was a registered participant in that conference, and will be following up in the blog with contributions from various origins and viewpoints that is intended to become a forum where the debate on the financial system contribution to carbon emission reduction can flourish.

Contributions will be published up until the COP 21 climate talks (November 30 – December 11, 2015) at  http://www.strategie.gouv.fr/travaux/financement-de-transition-carbone

To follow this discussion  please subscribe to the newsletter: http://info-strategie.fr/DS29092015124903.cfm

The video  of the event is available at:

https://link.brightcove.com/services/player/bcpid1722935254001/?bctid=4506979143001&autoStart=false&secureConnections=true&width=480&height=270 :

Conference: Funding the Low Carbon Transition: the Role of the Financial System

Given the tight budgetary constraints faced by most governments across the world, public spending will not be sufficient to provide the level of investment needed to deliver on our collectively agreed target of reducing global warming by two degrees. Setting up the right financial mechanisms for efficient carbon pricing is therefore essential to enforcing, implementing and ensuring the success of the “Intended Nationally Determined Contributions”. With this in mind, a growing number of private financial operators, central banks and financial regulators are already incorporating sustainability factors into their objectives and policies.

The aim of the conference was to assess the effectiveness of the various financial mechanisms the private and public sectors can put in place to foster carbon reductions. Experts and policymakers will also discuss whether there is scope at a national, regional or international level for an agreed economic and social value of mitigation actions that could anchor private and public investments.

Conference participants included:

Laurence Tubiana, Special Representative for the 2015 Paris Climate Conference; Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei; Jean Pisani-Ferry, Commissioner General for policy planning, France Stratégie; Rachel Kyte, World Bank Group Vice President and Special Envoy, Climate Change Group; Dipak Dasgupta, Board Member of Global Climate Fund; Pascal Canfin, Co-chair of the Commission on Innovative Climate Finance; Seyni Nafo, Co-Chair of the SCF and incoming Chair of the Africa Group; Thomas Heller, Executive Director, Climate Policy Initiative;Alfredo Sirkis, Executive Director, Center Brazil Climate; Leonardo Martinez-Diaz, US Treasury;Simon Zadek, UNEP Inquiry, Global Green Growth, IISD; Jean-Charles Hourcade, CIRED.

PROGRAMME

10:00am – Introductory remarks

Jean Pisani-Ferry, Commissioner-General, France Stratégie

Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei

10:15am – Avenues for a greater contribution of the financial system to the transition

From prudential instruments, green funds and green banks to the use of supervisory instruments by central banks, various initiatives to steer private investments away from brown to green technologies are increasingly relying on financial instruments. This session will aim at discussing their effectiveness in supporting a transition to a low carbon economy.

Dipak Dasgupta, Board Member of Global Climate Fund

Pascal Canfin, Co-Chair, French Presidential Commission on Innovative Climate Finance

Seyni Nafo, Co-Chair of the SCF and Incoming Chair of the Africa Group

Thomas Heller, Executive Director, Climate Policy Initiative

Moderator:

Jean Pisani-Ferry, Commissioner-General, France Stratégie

Rapporteur:

Marcene Broadwater, Global Head of Climate Change Strategy and Business Development, IFC

11:30am – Keynote Address

Laurence Tubiana, Special Representative for the 2015 Paris Climate Conference

11:45am – Toward an agreed social and economic value of mitigation actions?

In line with the June 30 joint statement of Presidents Rousseff and Obama, the social and economic value of mitigation actions is increasingly factored in by governments, financial regulators and private financial operators. The purpose of this session will be to discuss whether there is scope for an agreed value of mitigation actions higher than the current price of carbon. Could this value be secured and operationalized to anchor current investment decisions to gradually shift away production and consumption patterns from Co2 intensive technologies? A proposal will be presented at the beginning of the session to introduce the discussion.

Jean-Claude Hourcade, CIRED, EHESS

Simon Zadek, UNEP Inquiry

Alfredo Sirkis, Executive Director, Centro Brasil no Clima

Moderator:

Carlo Carraro, Research Director, Fondazione Eni Enrico Mattei

Rapporteur:

Étienne Espagne, CEPII

12:55am – Concluding remarks

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