McKinsey has estimated that $275 trillion needs to be invested in physical assets to achieve net zero carbon dioxide emissions by 2050.
A substantial part of this will need to be cross-border investment in developing and emerging economies given the limited availability of domestic finance in these countries.
Meanwhile, the latest IPCC Assessment Report sets out starkly the urgency with which both mitigation and adaptation actions need to be stepped up.
Transparency, accountability and civil society participation have a critical role to play in ensuring that this investment happens and that the flows that take place have high impact and efficiency in the countries concerned.
With the support of the World Bank’ Global Partnership for Social Accountability, Chatham House is hosting a one-day conference to address three main issues:
- What is the latest assessment of governance/transparency/corruption risks in net zero climate finance?
- What so far have been the most effective frameworks and mechanisms for ensuring the participation of civil society in climate finance decisions and how can these be strengthened?
- What role can the World Bank, other MDBs and IMF play in boosting transparency, accountability and civil society participation in both public and private climate finance flows while also responding to the urgency of the climate crisis?
Welcome and introduction by Creon Butler and Aly Zulficar Rahim.