The document discusses the Mitigation Work Programme mandated by COP27 and implications for "investment-focused events". It notes the unprecedented emission reductions needed to meet climate goals but mitigation potential and costs are unevenly distributed. Private climate finance is also uneven across sectors and countries. The mandate gives broad scope for investment events but little guidance. Key decisions include focusing on overcoming barriers along the mitigation project lifecycle and complementing existing investment events. Careful planning and follow-up are needed to maximize the Mitigation Work Programme's impact over time.

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
http://oe.cd/ccxg
Luca.LORE@iea.org
Jane.ELLIS@oecd.org
Sofie.Errendal@oecd.org