MONTEGO BAY, Jamaica, April 26, 2022 /PRNewswire/ — Developing countries will have access to new financing and climate finance tools to fight climate change, thanks to a financing strategy launched by the NDC partnership in Montego Bay, Jamaica.
The Right Honorable Andrew Holness, Premier of Jamaicalaunched the new strategy with NDC Partnership Co-Chairs, Senator the Honorable Matthew Samuda of JamaicaMinister without Portfolio in the Ministry of Economic Growth and Job Creation, and the Right Honorable Alok Sharma of UKPresident of the COP and Member of Parliament, to help developing countries implement their climate commitments.
The financial strategy targets money and support for developing countries, leveraging a unique model of cooperation to drive sustainable national, regional and international transformation.
The strategy :
- Strengthen the capacities of countries, by deploying specialized advisers to sector ministries and national development banks,
- Guide countries developing NDC financing strategies with development and implementing partners to align NDCs with broader development plans, and
- Facilitate private sector buy-in to financing strategies to enable the implementation of NDCs.
The new financial strategy builds on the Partnership’s recent work, which has seen $1 billion mobilized to support climate action in developing countries. Yet, much more is needed. The Intergovernmental Panel on Climate Change’s Sixth Assessment Report, Climate Change 2022: Mitigation of Climate Change, warns that we are not on track to meet the 1.5C target in above pre-industrial levels established in the Paris Agreement.
Following COP26, countries have shifted their focus to implementing climate commitments, but climate action requires unprecedented speed and scale. In its World Energy Transition Outlook, NDC Partnership Member, the International Renewable Energy Agency (IRENA) estimates $51 trillion is necessary in the only cumulative energy investments to reach the 1.5°C scenario (2021-30).
“As a small island developing state, the Paris Agreement’s 1.5 degree target is not an abstract goal but a matter of survival,” Prime Minister Holness said. “That’s why the development and launch of the NDC Partnership Finance Strategy is so important and timely.”
“The Partnership’s funding strategy sends a strong signal to members and world leaders that increased ambition in developing countries must be urgently matched by large-scale, predictable and timely funding,” added the Minister Samuda.
President of the COP Alok Sharma added to COP26 we have made significant progress, but now is the time to turn our commitments into action. The Partnership has shown that by combining country leadership with a coordinated response from international partners, technical and financial support can be effectively mobilized. »
About the NDC Partnership
The NDC partnership brings together more than 200 members – including 115 countries, developed and developing, and 80 institutions – to drive ambitious climate action that contributes to the achievement of the Paris Agreement and the Sustainable Development Goals (SDGs). Governments identify their NDC implementation priorities and the support needed to produce workable policies and programs. This informs a tailored package of expertise, technical assistance and funding for members.