COP29 high-level event: “Building the Business Case for Climate Finance at the Subnational Level”

Event details

📅 Date: Saturday 16th November

Time: 15:00-16.30 h (local time) 

Event type: In-person

Venue: UNFCCC Official Side Events, Room 2, Blue Zone

Speakers: See below

Registration link for in-person attendance: https://shorturl.at/uguQw

During this year’s COP29 in Baku, Azerbaijan, the MAIA project will hold an event to mobilise support for the crucial role of subnational actors in achieving global climate goals and advancing sustainable development.

As we approach the UN Climate Change Conference it is imperative to recognize and empower regional actors. Their leadership and innovation are essential to bridging the gap between ambition and action, ensuring that climate finance reaches where it is needed most, and accelerating the transition to a more equitable and sustainable future. 

In the face of the urgent global challenge posed by climate change, concerted action across all levels of governance is imperative. Despite notable progress in mobilising climate finance on the international stage, a significant funding gap persists at the subnational level, where vital climate adaptation and mitigation projects are implemented.

Subnational entities, encompassing regions, cities, municipalities and others, stand at the forefront of climate action, spearheading innovative solutions to curb greenhouse gas emissions and adapt to the ever-growing impacts of climate change. Yet the potential of many such initiatives remains shackled by limited access to financial resources, notably in the Global South. Current mechanisms for climate finance lack coherent investment plans, especially for adaptation, and predominantly prioritise national-level endeavours, leaving subnational actors underserved. Furthermore, the absence of uniform sustainability standards for these projects hinders effective assessment, comparison, and implementation of climate-resilient initiatives across different regions.

To bridge this divide and unleash the full potential of subnational climate action, there is a pressing need that the New Collective Quantified Goal for Climate Finance (NCQG) look at directing and targeting finance at the subnational level. Recognising this critical gap and the indispensable role of subnational actors in achieving climate targets, a coalition of partners is championing a novel approach through the EU MAIA Project series of policy outreach events. Each partner will bring invaluable expertise and networks to the forefront, fostering a comprehensive and impactful vision to address the climate finance gap at the subnational level.

Event objectives

• To mobilise increased financial resources for subnational climate projects within the NCQG.
• To promote the alignment of climate finance with subnational priorities, including mitigation, adaptation and resilience-building efforts.
• To enhance collaboration and coordination among subnational governments, national governments, international organisations, the private sector and other stakeholders in leveraging climate finance.
• To showcase the vital role of subnational actors in achieving global climate goals and advancing sustainable development.

Key actions

• Conducting a thorough assessment of subnational climate finance needs and priorities across diverse regions and sectors, ensuring a comprehensive understanding of where resources are most urgently required.
• Engaging proactively with national governments, international financial institutions and the private sector to advocate for a significant increase in the allocation of climate finance to subnational actors, emphasising the critical role they play in driving impactful climate action.
• Facilitating the sharing of guidance and implementing capacity-building initiatives to empower subnational governments in effectively accessing and utilising climate finance resources, ensuring maximum impact and efficiency in project implementation.
• Disseminating best practices and lessons learned from successful subnational climate projects, underscoring the importance of increased climate finance at this level and inspiring further investment and collaboration in similar endeavors globally.
• Recognising the need to tailor and disseminate innovative financial solutions and mechanisms to support problem owners at the local level, ensuring they have access to appropriate tools to address specific adaptation and mitigation challenges.

Learn more about the event

Speakers

15:10 – 15:45 1st Panel Discussion on the State of Play for Finance at the Subnational Level

Moderator: Natalia Uribe, Regions4 Secretary General

• María José Sanz, Basque Centre for Climate Change (BC3) Scientific Director and Lead Partner in the MAIA Project.
• Phoebe Koundouri, Professor, Athens University of Economics and Business & Technical University of Denmark; President, World Council of Environmental and Resource Economists Associations; Chair, SDSN Global Climate Hub; Chair, AE4RIA.
• Clare Everett, Senior Global Policy Manager, Climate at CDP.
• Giorgio Maione, Minister of Environment and Climate of Lombardy Region.
• Sergio Jiménez Arjona, Deputy Minister of Sustainability and Environment of the Regional Government of Andalusia.

15:45 – 16:15 2nd Panel discussion on building the case for investing in subnational innovative solutions

Moderator: Kirsten Dunlop, Chief Executive Officer at EIT Climate-KIC

• Stephen O’Driscoll, Head of the Environmental, Climate and Social Division at the European Investment Bank (EIB) Projects Department.
• Niina Ratilainen, Member of the Turku City Council and of the European Committee of the Region.
• Roger Cruz, Marketing and Uptake Lead at the FAST-Infra Label Secretariat.
• Sonsoles Letang, Director General of Climate Change and Environmental Quality of the Catalan Region.

Audience

The event aims to convene a diverse range of stakeholders to foster collaboration, share best practices, and mobilise support for subnational climate finance initiatives: Subnational Governments (Regions, Cities, Municipalities and others), International Organisations, National Governments Financial Institutions (Banks, Investment Firms, Development Finance Institutions), Multilateral Development Banks, Civil Society Organisations, Academic and Research Institutions, Private Sector (Businesses, Industry Associations), and Media and Communication Professionals.

Outputs

A report and article of the event will be drafted by Regions4 for wide circulation and dissemination as part of RegionsAdapt learning materials and MAIA’s policy briefs.

Participating organisations

Organised by the MAIA EU Project, Regions4, Climate KIC, Global Infrastructure Basel Foundation (GIB) with the support from partners:  European Committee of the Regions (CoR), Basque Centre for Climate Change (BC3), Athena Research Center (ARC), CDP, Stockholm Environment Institute (SEI), ICLEI, and Under2 Coalition. 

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Disclaimer:

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