Delivering on the Promise of Climate Finance at Last: Edinburgh Science presents the latest in their Climate Co-Lab series at COP28 in Dubai in partnership with Wood Mackenzie
Edinburgh Science, a charity known for its annual Science Festival and education programmes, teamed up with Wood Mackenzie to deliver next in its series of Climate Co-Labs to take place in Dubai during COP28: Delivering on the Promise of Climate Finance at Last on Monday, 4 December.
Edinburgh Science’s Climate Co-Lab series is an established programme of round table meetings that bring senior leaders and decision makers together to share inspiration and come up with solutions to our climate emergency with cross-sectoral approach.
The focus for this event is on the 2009 pledge that developed nations made to deliver $100bn annually for climate action in developing nations. This pledge has never been met.
Accordingto the net zero 2050 scenario* within Wood Mackenzie’s Energy Transition Outlook, we need to spend approximately $75tn between now and 2050 if we are to achieve the net zero by 2050.That equates to around $2.7tn per year, around 35% higher in real terms than the industry’s average annual spend for the past 12 years.
The $100bn pledge’s replacement, the New Collective Quantified Goal (NCQG) is set to take centre stage at COP28 and its success is vital as a means of tackling the climate crisis.
The Co-Lab will be chaired by Ed Crooks, Vice-Chair Americas at Wood Mackenzie and a host of a popular WoodMac podcast The Energy Gang, with provocations from:
- Patricia Espinosa Cantellano, Former UNFCCC Executive Secretary, Former Minister of Foreign Affairs of Mexico, Ambassador Emeritus of Mexico, CEO and Founding partner of onepoint5;
- Nigel Topping, UN Climate Change High-Level Champion at COP26 where he launched global initiatives like Race To Zero and Race To Resilience, Member UK CCC;
- Mohamed Sultan, Africa Lead at the Global Methane Hub, he coordinates the strategic development of the organization’s Africa portfolio, overseeing impactful projects at the intersection of development and mitigation efforts within the energy, waste, and agricultural sectors.
Hannah Schlesinger, Director of Development and Marketing at Edinburgh Science said: “Climate Action is not a spectator sport; everyone has a role to play in solving the climate emergency.
“Since our beginning in 1989, Edinburgh Science has been dedicated to programming for the planet, we do this through educating, collaborating and, in this case, convening those who can take rapid and effective action.
“We are going to COP28 because we know we can help engage those with power and resource to engage with difficult questions, in this case how exactly it is we unlock the finance needed to catalyse a global just transition.
“We believe we have the technology and understanding to beat climate change, what we need now is the rapid and determined investment and action to move the dial. We hope this gathering will contribute positively to this.”
Ed Crooks, Vice-Chair, Americas at Wood Mackenzie said: “Meeting the goals of the Paris Agreement requires a colossal global programme of investment in low-carbon energy and natural resources.
“On our calculations, it means spending about $75 trillion between now and 2050, or about $2.7 trillion a year. That is about 35% higher in real terms than the industry’s average annual spending in the past 12 years.
“The scale of the challenge raises some important questions. Where will the capital to finance this level of investment come from? What new financial frameworks do we need to help money flow to where it can have the most impact? How can private and public sectors work together to accelerate this urgently needed investment?
“Wood Mackenzie is very pleased to be teaming up with Edinburgh Science for its Climate Co-Lab to tackle these crucial questions.
“We will explore the lessons of past attempts to direct capital flows, and look for new thinking on financing a just transition. We are bringing together a group of climate leaders with a remarkable breadth of experience and expertise, and we expect to make a real contribution to the debate around COP28.”
During the Co-Lab, participants will be asked:
- What lessons from past negotiations can ensure the success of the NCQG?
- What systemic change to global financial architecture are needed to scale and deliver on climate finance?
- How can we design affordable and attractive financial packages?
- What instruments are required for a just transition to the net-zero target of the 2015 Paris Climate Agreement?
- How can policy, public finance, private finance, and regulation collaborate to seize climate-positive opportunities?
- Whilst communities lack a seat at the negotiating table, their role is pivotal in adopting climate-positive solutions. How do we include and mobilise this powerful collective?
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