Climate Policy Initiative experts will host and present at several events during the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

All times below are EST

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Private Roundtable on the Role of Vertical Climate and Environmental Funds in Accelerating Sustainable Finance for Emerging Markets and Developing Economies

Monday, October 21

Background: Under the Brazilian G20 Presidency, the G20 Sustainable Finance Working Group (SFWG) established the Independent High-Level Expert Group (IHLEG) to assess and optimize the Vertical Climate and Environmental Funds (VCEFs). The IHLEG has now published its report (here), offering key recommendations to enhance VCEFs’ effectiveness and their role in mobilizing sustainable finance for global climate and environmental challenges.

Current Status: The final report provides a robust framework aimed at improving VCEF operations, coordinating alignment with global sustainability goals, and scaling climate finance through effective governance, transparency, and better integration of sustainability metrics.

What’s next? CPI is convening a small, invitation-only roundtable in the margins of the upcoming Annual Meetings in DC. This session will gather experts to explore ways to increase the visibility of the IHLEG’s recommendations and to prioritize actions that accelerate their global implementation. Your participation and insights will be instrumental in shaping the next phase of this critical work.

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International Sustainable Finance Architecture: Keeping the Momentum and Ambition for Delivery Between COPs

Tuesday, October 22

CPI Global Managing Director Barbara Buchner will participate in this event, hosted by the COP28 Climate Finance team, that will bring together key stakeholders across Governments, IFIs, and the private sector to:

• Build momentum towards COP29 delivery and announcements on sustainable finance
• Explore the deliverables of Brazil’s G20 Presidency on sustainable finance
• Demonstrate continuity on sustainable finance agenda across COPs and G20
• Identify main areas of focus for further multi-stakeholder meetings in this format
  

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12th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action

Wednesday, October 23

Since its launch in 2019, the Coalition of Finance Ministers for Climate Action has fostered peer learning and knowledge sharing between Finance Ministers on the economic, fiscal, and financial levers to respond to climate change and secure a just transition towards low-carbon resilient development.

At the 12th Ministerial during the IMF/World Bank Annual Meetings in October 2024, the Coalition will present its second joint Climate Action Statement (CAS). This annual document shows the growing range and ambition of the actions taken by Ministries of Finance (MoFs). Over 60 Members shared nearly 500 climate actions – more than twice the number of actions shared in the first CAS in 2023. These actions cover climate policy coordination and strategic economic planning, including increased MoF engagement in updating NDCs, the scaling-up of green finance through the mobilization of public and private financial resources, implementing carbon pricing and the phasing-out of inefficient subsidies, and addressing macroeconomic climate and nature risks and financing gaps.

CPI Global Managing Director Barbara Buchner will faciliate a session on nature and finance.

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Mobilizing Aggregated Purchasing Power for Climate-Neutral Cities

Wednesday, October 23

Hosted by the Sweden-US Green Transition Initiative and the Swedish innovation program Viable Cities, this dialogue will explore whether and how aggregated purchasing power can become a vital tool in fulfilling commitments to climate-neutral and smart cities. Participants will discuss how coordinated public and private purchasing in critical sectors can significantly reduce carbon emissions and how local governments can lead these efforts.

CPI Senior Program Associate John Michael LaSalle will participate in this event.

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Jumpstarting Private Climate Finance: Fulfilling the Emerging Markets Promise

Thursday, October 24

As COP29 approaches, climate negotiations are facing the pressing challenge of defining the New Collective Quantified Goal (NCQG), a financial target that will replace the longstanding $100-billion-per-year commitment developed countries made to support climate action in developing and emerging markets. Even with a more ambitious NCQG defined, emerging economies need a fivefold increase from current investment levels to reach net-zero: public funds alone cannot bridge this gap. A major scale-up in private climate finance is necessary.

The session, hosted by the World Economic Forum, will explore the connection between the NCQG and the NDCs, to determine how policymakers can enact strategic policy programs to create an enabling environment for private investments and incentivize the participation of private financiers.

CPI Global Managing Director Barbara Buchner will participate in this event.

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Acceleration Dialogue: Strengthening Domestic Financial Resource Mobilization and Attracting Patient International Capital in Emerging and Developing Economies

Friday, October 25

Germany’s Federal Ministry of Economic Cooperation and Development (BMZ) has initiated the High-Level Friends Group Private Climate Finance for Development. The group’s objective is to foster an informal, high-level dialogue and network to facilitate the mobilization of private capital for climate action. This involves identifying key solutions to scale up private sector investments, discussing effective political and financial instruments, and sharing best practices among policymakers, development finance institutions, think tanks, and private investors from the Global North and South.

CPI Global Managing Director Barbara Buchner will moderate this event.

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