Adaptation finance: Mobilizing the private sector – a Case Study from the UNEP Adaptation Gap Report 2023
The need for adaptation action is increasing as temperatures rise, and public finance alone will not be able to provide enough investment to achieve the impact required. Unlocking private finance in support of climate action is
one of the main challenges governments, international organizations and development banks have been grappling with since the Paris Agreement entered into force. While the amount of private investments in adaptation is unclear, it remains a critical component of the global climate finance landscape. Most research to date has focused on public spending on adaptation rather than private adaptation, showing that overall progress in adaptation finance is insufficient. Using small amounts of public funding to leverage large amounts of private-sector investment for clean energy and climate resilience projects in low- and middle-income countries, the Private Financing Advisory Network (PFAN) has been looking at tackling this challenge since 2006. The overall process demonstrates that adaptation investments do not always require grant financing or compensation to be economically and financially viable. By providing expertise and mentorship, the PFAN initiative can help adaptation projects overcome barriers and facilitate private adaptation investments.
For more informaton: https://www.unep.org/resources/adaptation-gap-report-2023; https://wedocs.unep.org/bitstream/handle/20.500.11822/43835/AGR23_case_study_01.pdf?sequence=3&isAllowed=y
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