Moving Billions, Unlocking Trillions

In 2023, G20 countries agreed to landmark goals supporting efforts to double energy efficiency and triple renewables by 2030 – also key asks for COP28. The G20 Declaration has reaffirmed the need for more cogent and specific deliberations on means of implementation of climate finance for developing countries. Developing countries are projected to need between USD 5.8-5.9 trillion to implement their climate targets by 2030. A further USD 4.5 trillion annually will be needed, globally, for clean energy technologies by 2030. However, current levels of finance are inadequate to accelerate energy transitions this decade. There must be an increase in the scale and sources – public and private – of finance available.

It is equally important that finance is accessible, affordable, and reaches sectors and geographies that need them the most but multiple challenges facing emerging markets and developing economies make it more difficult and expensive to scale investments in clean energy transition in these countries, even if they possess rich renewable resources.

Addressing these challenges requires financial and fiscal reform and the creation of an enabling global financial architecture to unlock capital. Financial solutions such as sustainable finance instruments and blended finance mechanisms, banking and capital market regulations supporting energy transition and lessons from new initiatives tailored to context can be valuable in unlocking financial flows for countries.

​With this context, the panel discussion seeks to build a deeper understanding of:

    1. ​Global developments in energy and climate finance to build confidence in accelerating the transition;
    2. ​Emerging mandates and regulatory developments from emerging markets with respect to accessing clean energy finance;
    3. The role of public finance and multilateral institutions in unlocking capital to deliver on climate goals.