BAKU, Azerbaijan, November 14. The country-led Platform for Climate Action and Sustainable Development is a key tool to increase our impact and attract private capital to climate initiatives, the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso said during a roundtable discussion on “Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect," Trend reports.
“Country-led platforms for climate action and sustainable development play an important role in scaling our efforts and mobilizing private capital for climate action. These platforms promote an integrated approach to the green transition, including three key areas. The first is raising the level of national climate ambition and planning. The second is supporting regulatory and legal measures that reduce risk and create an enabling environment for private investment and lending. This also includes grants and concessional financing for fossil divestment, retraining workers, and improving public infrastructure. The third is the provision of technical assistance to prepare projects for implementation.
International financial institutions are already supporting such platforms in Egypt, Northern Macedonia, Bangladesh, and Colombia. Our goal is to expand this approach to more countries and sectors. Given constraints such as the availability of public debt, we rely on grants and concessional financing for infrastructure and related measures, as well as coordinated private capital mobilization,” she emphasized.
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