Leadership Dialogue 2: Show me the money: Can the global financial system really tackle climate change, nature loss and pollution?

 

Friday, 1 March, from 10:00 to 11:30 p.m.

Languages: AR, ZH, EN, FR, RU, ES

Format: in-person, webcast

Leadership Dialogue 2 concept note PDF

Moderator: Mrs. Salina Abraham

Summary

1. Keynote speaker Maria Susana Muhamad Gonzalez, Minister of Environment for Colombia, highlighted the challenges many developing countries face of a vicious cycle of higher debt payments, fiscal constraints exacerbated by the impacts of climate change, and the need to transition sectors but the risk of being downgraded in the financial system for doing so. This exacerbates the challenge of fulfilling commitments to an energy transition and ambitious goals on climate and nature. The Minister called for reform of the global financial system so that developing countries can access capital in a fair way for a new cycle of productivity for the transition. We have to move fast to change the financial system and the rules of the game to step up and help countries address the triple planetary crisis. For the transformative agenda the key issue is transition. She said incremental advancement is important but is not at the scale required to tackle the systemic crisis we are facing. For example, government use of taxonomies is important to guide investment in a country to the sectors that will help to tackle environmental and biodiversity issues and will give a clear signal to the financial sector. Keynote speaker Sean Kidney, CEO of the Climate Bonds Initiative said there are ways to redirect financial flows from USD7 trillion invested in destructive economic activities compared to USD250 billion in nature. The green and sustainable bonds market has grown 100-fold to USD4 trillion in 10 years; 52 countries are issuing green and sustainable bonds with UDS52 bn outstanding. Governments are providing support and subsidies for green industries, renewable energy and the climate transition and green transformation.

2. Germany said governments need to provide the national framework conditions and incentive systems, and we can’t manage the crisis without funds from the private sector. Bangladesh said it is important for public and private financial flows to go to adaptation as part of climate finance, and for governments to provide leadership and incentivize the private sector to invest in adaptation. Indonesia recognized the need to take action right now for significant financing for nature-based solutions, including scaling up sustainable finance from business and the financial sector, encouraging and enabling them to reduce negative and increase positive impacts on the environment to reduce emissions and ensure sustainable production. Canada said we need to turn the financial system on its head to work for us, including phasing out harmful subsidies, whether on climate or nature, or plastics linked to fossil fuels.  The UK said collaboration is critical for standards and regulations that interlink, as is mobilization of finance to support sound management of chemicals and waste and nature-positive solutions with an integrated approach. The Netherlands said we should consider finance to deal climate change, biodiversity loss and pollution and governments need to reduce risks to make clean investment more attractive for private finance. Gabon called for transformative changes in the market including environmental standards and incentives to unlock resources to invest climate, biodiversity and nature-positive activities.

3. Overall, there was a call for aligning all financial flows with a green transition to nature-positive, circular economies. Countries called for multilateralism to phase out harmful subsidies and apply standards and interlinked regulation universally across sectors for transformative changes in the market. Governments need to reduce risks to make clean investment more attractive for private finance to draw in private capital. Priorities include integrating financial frameworks that supports mobilizing finance from all sources. Governments should do everything in their power as legislators to create appropriate guidelines and incentives to ensure investment decisions that will shape economic and ecological development for decades to come are in line with climate and biodiversity targets. We have to change priorities.

Speakers

Ms. Susana Muhamad

Mrs. Susana Muhamad

Minister of Environment of the Republic of Colombia

Maria Susana Muhamad Gonzalez is a Colombian politician, environmentalist, and political scientist of Palestinian descent, affiliated with the Colombia Humana party. Since August 7, 2022, she has held the position of Minister of Environment and Sustainable Development of Colombia. 

She previously served as the Secretary of Environment and Secretary General of the Mayor's Office in Bogotá. In 2019, she was elected as a councilwoman for the city, a position she held until the first semester of 2022. Muhamad holds a degree in Political Science from the University of the Andes and a Master's degree in Management and Planning of Sustainable Development from the University of Stellenbosch in South Africa. She worked as a sustainable development consultant for Shell Global Solutions International in The Hague, Netherlands. In 2021, Muhamad was elected as the vice president of the national coordination board of the Colombia Humana party, after the party officially received legal recognition. She is a nationally and internationally recognized environmentalist, focusing on implementing actions to establish Colombia as a global powerhouse for life. Her work includes fulfilling international agreements on climate change and biodiversity loss, protecting environmental defenders, and combating deforestation in the Amazon region. 

Mr. Sean Kidney

Mr. Sean Kidney

CEO, Climate Bonds Initiative

Sean Kidney is CEO of the Climate Bonds Initiative, an international NGO working to mobilize global capital for climate action.  He oversees green bond development programs on six continents, now with an estimate US$3tn outstanding. Projects include market definition (taxonomies; data provision to green bond indeces and investors; green bond certification); market development programs on six continents; and government support projects. Sean is a member of the EU’s Platform on Sustainable Finance, the Monetary Authority of Singapore’s Sustainable Finance Advisory Panel, sovereign green bond advisory committees in France and the UK, the Finance Industry Advisory Board of the International Energy Agency and is a Professor in Practice at SOAS University of London.   

Ms. Salina Abraham

Mrs. Salina Abraham

Moderator

Salina Abraham is a recent Harvard graduate hailing from Eritrea and the USA, and has engaged in the global environment and development space as (youth) speaker and moderator.

She has previously moderated ministerial-level events at UNEA 5.2 and her critical questioning and deep preparation received praise from speakers as well as on-site and global audiences. Currently, she works as Special Assistant to the CEO at CIFOR-ICRAF.

Salina’s academic work explores the impact of corporate social responsibility programs on Eritrea’s rural development, as well as the role of female leadership in economics and finance sectors across Africa. She is the former President of the International Forestry Students’ Association (IFSA) and coordinator of the Youth in Landscapes Initiative.

Mr. Baba Brinkman

Mr. Baba Brinkman

Rapper

Baba Brinkman is a rap artist and science communicator, best known for his “Rap Guide” series of science-themed plays and albums. Originally from Vancouver, Canada, and based in New York since 2011, Baba has toured the world and enjoyed successful runs at the Edinburgh Fringe Festival and off-Broadway, where he was the 2019 Artist in Residence at Manhattan’s historic Soho Playhouse Theater.

Called “Astonishing and brilliant” by the New York Times, Baba is a Scotsman Fringe First Award winner for Exceptional New Play Writing, and a two-time Drama Desk Award Nominee, for “Outstanding Solo Performance” and “Unique Theatrical Experience”. He performed live on MSNBC’s “The Rachel Maddow Show” and shared stages with science luminaries including Stephen Hawking and Neil deGrasse Tyson. Baba is also a winner of the National Center for Science Education’s “Friend of Darwin Award” for his efforts to popularize evolutionary biology.

Baba founded Event Rap in late 2020 after performing dozens of virtual custom rap gigs during the pandemic, recruiting a team of skilled rappers to deliver the company’s unique set of services

Mr. Dex McBean

Mr. Dex McBean

Rapper

Dex McBean, the dynamic hip hop and spoken word artist hailing from Brooklyn, New York, is a beacon of creative prowess and social impact. With a unique fusion of rhythm and message, McBean's artistry transcends mere entertainment, delving deep into the realms of financial literacy and environmental sustainability.

McBean's journey has been nothing short of remarkable, as his magnetic performances have garnered attention from diverse platforms, ranging from financial education powerhouse Investopedia to the renowned hip hop station Shade 45, all the way to the global stage of the United Nations.

At the core of McBean's mission lies a commitment to empower and educate through his art. His latest endeavor, the groundbreaking debut financial literacy album *WeA.L.T.H/WeAllLiveToHustle*, stands as a testament to his dedication to catalyzing positive change. Through insightful lyrics and infectious beats, McBean invites listeners on a transformative journey toward financial empowerment.

As Dex McBean continues to captivate audiences worldwide with his unparalleled talent and unwavering passion, he remains a driving force for social change, inspiring countless individuals to embrace knowledge, seize opportunity, and strive for a brighter future.

WHEN:
26 Feb 2024 - 1 Mar 2024
WHERE:
نيروبي، كينيا

قوموا بتنزيل التطبيق الرسمي لجمعية الأمم المتحدة للبيئة UNEA

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