Scaling up climate finance in the context of Covid-19: A science-based call for financial decision-makers

The sooner we act, the lower the risks of climate change and the higher the synergies between climate action and other societal benefits. That is a clear conclusion from the IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels. Financing a rapid transition to achieve the Paris Agreement goals requires significantly more investment and investment in a different set of low emission, climate resilient assets. The Covid-19 crisis increases the imperative to scale up climate action before these goals are out of reach. In particular, it is critical to increase the ability of developing countries to realize their climate ambitions in the context of the pandemic without increasing their debt burden.

This new report, Scaling up climate finance in the context of Covid-19, aims to help financial decision-makers to align finance with sustainable development, accelerating the transition to a net-zero, climate resilient economy, based on the latest scientific findings and policy developments. It proposes four sets of actions to support developing countries in achieving this transition.