IRELAND’S AFRICAN AND EMERGING MARKETS OPPORTUNITY
IRELAND’S AFRICAN OPPORTUNITY – MOBILISING PRIVATE FINANCE IN SUPPORT OF LOW-CARBON ENTERPRISE ACTIVITIES
37-42, McCann Fitzgerald, Sir John Rogerson’s Quay, Dublin 2
7:30 – 9:15am
08th June 2017
Why the growth of international ‘climate finance’ is an opportunity for Ireland
The Paris climate summit signalled a fundamental shift in the global economy towards a more sustainable model that will limit global warming to 2°C above pre-industrial levels. One of the key planks of the Paris agreement is ‘climate finance’ – a pledge that developed countries will by 2020 channel $100 billion a year of funding to poorer countries to help them meet the challenges posed by climate change. For Ireland, this ramping up of climate finance represents a significant opportunity.
Ireland is already playing its part in the fight against climate change, but it can – and will – do more.
Ireland has said it will continue contributing its current level climate finance, which between 2016 and 2020 ensures €175 million in public funding, mainly for adaptation.
In addition to this, it will this year begin to make contributions to the Green Climate Fund – a vehicle set up by the UN to channel finance to projects in developing countries – with a view to ramping up support over the coming years.
Ireland has also said it will increase its contributions to the Least Developed Countries Fund, which helps countries adapt to deal with the impacts of climate change.
But the public sector alone cannot solve climate change or deliver the required amount of climate finance. For the 2°C target to be met, the private sector will need to invest at-scale in climate solutions. Ireland can play a major role in helping channel this private finance.
Panel details to follow shortly.
This breakfast series is hosted by our Sustainability Skillnet in partnership McCann Fitzgerald.