Governance, Transparency and Finance – Three Key Ingredients for Transformational Change

Date: November 16, 2022 I Time: 12:30-13:30

Organized by the UN Environment Program (UNEP)

Supported by the governments of Germany, Morocco, Colombia, Argentina, and Viet Nam

While the impacts of climate change intensify, the world’s collective climate efforts still fall short of what is needed to achieve the Paris Agreement goals, as the UNEP Emissions Gap and Adaptation Gap Reports as well as the UNFCCC NDC Synthesis Report show.

With current policies and recent NDCs still heading towards global warming of 2.8°C and 2.6-2.4°C respectively, and long-term goals widely disconnected from medium-term commitments, the international community is not on track for bridging the emissions gap thereby preventing the planet from overheating. Similarly, the mounting implications of increasingly frequent and intense extreme events on human lives and economies around the world illustrate that we are yet to become more resilient to the impacts of climate change, some of which are already irreversible.

To avoid closing the window of opportunity to limit global warming to well below 2°C, preferably 1.5°C, and to strengthen our climate resilience before it is too late, the scale and pace of climate action must be significantly increased moving forward. Only rapid, deep-rooted and economy-wide transformations in the way we live and do business can bring about the change we need to sustain our livelihoods on this planet.

Solutions for transforming societies and achieving climate stability are well studied and elaborated upon in scientific reports as well as in selected policy commitments and business plans. Their success, however, depends on our moving now from analysis and planning to implementation and collective multilateral action.

In line with its Medium-Term Strategy 2022-2025 Climate Action subprogramme, the UN Environment Program (UNEP) supports its partner countries with adopting decarbonization and resilience pathways, improving means of implementation like capacity building, technology and finance, and adopting enhanced transparency standards , in close collaboration with its network and partners, including the NDC Partnership.

Event description

In the implementation of NDCs and LT-LEDS, critical enablers for successful climate action can be identified, including, but not limited to, effective governance mechanisms, strong leadership and institutional capacity, access to public and private climate finance, and robust tracking and reporting of climate action. In this side event – ​​held in the NDC Partnership Pavilion at COP27 and accessible also online – the following three key ingredients for transformational change will be brought into focus:

1. Strong political leadership and governance mechanisms, focusing on inclusive multi-stakeholder coordination;
2. Robust climate transparency systems, with an emphasis on implementing the Enhanced Transparency Framework; and
3. Unleashing climate finance, with a focus on private sector climate finance.

Following high-level opening remarks by the UNEP Executive Director, Colombia’s Minister of Environment, Morocco’s Minister of Energy Transition and Sustainable Development, and the head of Germany’s International Climate Initiative (IKI), the panellists will share and discuss experiences, best practices and innovative solutions from their countries and institutions related to these three key enablers for successful NDC implementation in alignment with LT-LEDS at various stages of development. The audience will have the possibility to ask questions and join the discussion, after which the moderator will provide closing remarks.