Top financiers and philanthropists gather in Windsor today (Monday 10 July) for a Climate Finance Mobilisation Forum to recognise and encourage efforts that increase support for emerging and developing economies to accelerate a net zero, resilient transition.
“Finance is the lifeblood of growing economies. Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its £11.6 billion of International Climate Finance to support countries around the world – but if we want to deliver real change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending,” – Grant Shapps.
UK Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry will host the special event, timed to coincide with President Biden’s visit to the UK, before participants travel to Windsor Castle to speak to His Majesty King Charles and the President about the conclusions of the discussion.
It is estimated that by 2030 annual clean energy investment in these countries needs to expand by more than seven times, to above $1 trillion, in order to put the world on track to reach net-zero emissions by 2050. And that is for clean energy alone; additional investments are needed to reduce non-CO2 emissions, halt deforestation and reverse forest loss, and adapt and build resilience to climate change.
“The climate crisis is here. It’s caused by the unabated burning of fossil fuels, and it’s going to get worse without action. No government can solve this crisis by itself. We need to work together with the private sector and philanthropy to speed up the net zero, resilient transition,” – John Kerry.
