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Climate-resilient future, financing top at UN climate conf

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Staff Reporter
The urgent need to raise the finances to meet the funding goals of the Paris Agreement, especially to support action by developing countries, took centre stage at the UN Climate Conference (COP23) in Bonn, Germany.
"We need all financial players - public, private, domestic, international - and including markets and regulators, to work together effectively to mobilize at least $1.5 trillion in climate finance that is needed every year," said Head of Finance Initiative at the UN Environment Program (UNEP) Eric Usher.
As part of 'Finance for Climate Day' at COP23, high-level representatives from across the sector highlighted their efforts to meet the goals of the Paris Agreement of keeping the average global temperature rise well below 2 degrees Celsius and as close as possible to 1.5 Celsius.
They stressed that every dollar invested in cutting greenhouse gas emissions and adapting to climate change gets double the bang for the buck because it directly supports the international community's 2030 Agenda for Sus-tainable Development, according to UN News Centre.
Finance for climate is flowing at a greater pace than ever, with vibrant and growing markets for renewable en-ergy, electric vehicles, green buildings and climate-smart agriculture seeing aggressive growth, backed by ex-ponential advances in innovative green financial instruments, indices and markets, according to the UN Climate Change (UNFCCC) Secretariat.
Equally, the finance sector is recognizing to a much greater degree where and how climate change presents risks to its existing investments and the need to adjust their portfolios away from carbon-intensive assets to reduce that risk.
However, much more is needed to secure finance and investment at the scale required to deliver a fully de-carbonized and climate-resilient global economy by 2050.
"The potential for climate friendly investment in areas such as clean energy and climate-smart agriculture is enormous," said Vice-President Sustainable Development Laura Tuck at the World Bank.
"The key is to get the funding to flow so that everyone everywhere can benefit from low-carbon and climate resilient investments."
CEO of the Danish Pension provider PKA and Chair of the Institutional Investors Group on Climate Change (IIGCC) Peter Damgaard Jensen said at a press conference on Monday that it is extremely important that there is a significant increase of investor awareness and action with regards to supporting the transition to a low car-bon economy.
"Strong investment signals from policy makers across carbon trading, energy, transport and buildings are essen-tial to unlock the necessary capital," he added.