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)

Outline
• Context and challenge
• Mandate from COP27
• Implications for “investment-focused events”
• Conclusions

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

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 %

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

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

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

Many investment-focused events are already taking place:
how can MWP events best complement these?
Selected investment-focused events, 2022

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

THANK YOU!
Climate Change
Expert Group
http://oe.cd/ccxg
Luca.LORE@iea.org
Jane.ELLIS@oecd.org
Sofie.Errendal@oecd.org