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CCXG Forum, March 2023, Jane Ellis

  1. Climate Change Expert Group The Mitigation Work Programme: key issues for investment-focused events ___________________ Jane Ellis (CCXG/OECD) Global Forum on the Environment and Climate Change | 21.03.2023 Based on “Making the MWP fit for purpose: options for forms, focus and information that would lead to successful implementation” J. Ellis, L. Lo Re, S. Errendal (2023, draft)
  2. Outline • Context and challenge • Mandate from COP27 • Implications for “investment-focused events” • Conclusions
  3. The challenge: rapid change needed across multiple sectors – but mitigation potential, costs unevenly spread Unprecedented rates of GHG emission reduction needed to meet 1.5 degree goal Source: adapted from IPCC AR6 WGIII <0 USD/t 0-20 USD/t
  4. Source: OECD, 2022 Climate finance provided and mobilised by developed countries in 2016-2020 Private climate finance is unevenly attracted across sectors … and countries Mobilised climate finance 2016-2020 by sector, income group %
  5. Mandated MWP modalities and outputs • Several outputs mandated by COP27 for each year of MWP • “At least two” global dialogues & other dialogues • Individual and compiled annual report from these dialogues • Presentation on the annual report to Ministerial Round Table • Investment-focused events • Draft CMA decision • Very broad potential scope, aim, format, relevant stakeholders for both global dialogues, investment-focused events • Little guidance from CMA decision for “investment-focused events” … so co-chairs & climate champions have a significant leeway in guiding the way forward
  6. Possible scope of investment-focused events is extremely broad: different focus will benefit different countries, stakeholders “unlocking finance” “overcoming barriers” (policy) “overcoming barriers” (specific activity types, sectors) “overcoming barriers” (access to finance) “identifying specific investment opportunities” investment-focused events … with a view to unlocking finance ... overcoming barriers to access to finance and identifying investment opportunities and actionable solutions “ ” CMA decision
  7. Key decision point: many barriers - where along mitigation project lifecycle to aim investment-focused events ? • Many different steps needed to develop, identify, prepare, finance and implement mitigation actions • Barriers to action vary according to step, as well as by country, sector, activity type • Overcoming different barriers of relevance to different countries, sectors, stakeholders • What should focus of MWP events be over lifetime of MWP? Mitigation project lifecycle Regulatory framework Capacity building Feasibility studies Developing partnerships Developing activities Generating $ pledges Developing $ instruments Lessons from specific activities Sharing best practices
  8. Many investment-focused events are already taking place: how can MWP events best complement these? Selected investment-focused events, 2022
  9. Conclusions • MWP events, including investment-focused events, will involve trade-offs: • Aim and focus: which one (or more) of the 5 investment-relevant themes? • Which stakeholders to participate, to benefit? • Timeframe for results? • Links to associated global dialogue? • Careful mapping needed to initiatives and events inside and outside UNFCCC, roadmap for biennium • Follow-up/iteration (e.g. via draft decision, as well as in implementation of decision) will be important to improve process & enhance impact of MWP over time
  10. THANK YOU! Climate Change Expert Group