Despite reaching $364 billion in 2010/2011, global investment to combat climate change still falls far short of the level required to stabilize global temperature rise to 2°C. According to the IEA, we need to reach $1 trillion each year of incremental investment in energy supply and demand technologies, and more will be needed to achieve climate resilient development globally.
Policymakers and others will need to scale up what’s working, and explore new approaches to pool more capital from the private sector. However, investors’ real and perceived risks are increasing as a result of stalled international negotiations and national policy frameworks reforms.
On the 20th and the 21st September, Climate Policy Initiative hosted the Second Meeting of the San Giorgio Group (SGG) on the island of San Giorgio Maggiore in Venice to discuss what’s already working in green finance, what’s not working, and to identify new options to bridge the gap between supply of climate investment and the demand for mitigation and adaptation finance. Here is a summary of some of the highlights.