Start Date

16 November at 3:00 pm

End Date

16 November at 4:30 pm

Location

In-person event. UNFCCC Official Side Events, Room 2, Baku, Azerbaijan

 

This event will look at the importance of investing at the subnational level to accelerate mitigation and adaptation action in the context of the negotiations on the New Collective Quantified Goal on climate finance (NCQG).   

Despite progress in international climate finance, a significant funding gap persists for crucial adaptation and mitigation projects implemented by regions, cities, and municipalities, where 90% of climate solutions occur. The UNEP Adaptation GAP Report 2023 highlighted that less than 10% of international climate funds’ commitments to developing countries were directed at the subnational level. Moreover, there is a lopsided allocation of financial resources, with adaptation representing less than 5% of global climate finance. To bridge this gap, it’s essential to build a compelling business case for investing at the local and subnational levels.  

Organised by a coalition of leading partners, the event aims to mobilise support for the crucial role of subnational actors in achieving global climate goals and advancing sustainable development. Key objectives include increasing financial resources at the subnational level and facilitating subnational access to existing funds, aligning climate finance with local priorities, enhancing collaboration among stakeholders—particularly the private sector—and showcasing innovative financial solutions by subnational actors.  The agenda will include panel discussions on the state of finance at the subnational level and innovative solutions, featuring speakers from regional representatives, research institutions, and public-private sectors. The event will also include audience Q&A sessions and concluding remarks.  

Event details