Montego Bay, Jamaica, April 10 /PRNewswire/
Developing countries will gain access to new climate finance funds and instruments to tackle climate change thanks to the financial strategy presented by the Nationally Determined Contributions Partnership in Montego Bay, Jamaica.
The Prime Minister of Jamaica, Andrew Holness, co-launched the new strategy with Senator Matthew Samuda (Jamaica), Minister Without Portfolio in the Ministry of Economic Growth and Job Creation, and Alok Sharma (UK), COP President. The Member of Parliament was introduced to help developing countries meet their climate commitments.
The fiscal strategy targets funds and support for developing countries and uses a unique collaborative model to drive sustainable national, regional and international change.
The strategy will:
- Strengthening the capabilities of the state through the use of specialized consultants in sectoral ministries and national development banks,
- Assist countries in developing NDC financing strategies with development and implementation partners to align NDCs with broader development plans
- Facilitate private sector participation in financing strategies to enable implementation of NDCs.
The new financial strategy builds on the partnership’s recent work, which has mobilized $1 billion to support climate action in developing countries. But more is needed. Sixth Assessment Report of the Intergovernmental Panel on Climate Change, Climate Change 2022:mitigating climate change, He warns that we are not on track to meet the Paris Agreement target of 1.5°C above pre-industrial levels.
After COP26, countries shifted their focus to meeting climate pledges, but climate action requires unprecedented speed and scale. In ihrem World Energy Transition Outlook, Mitglied der NDC-Partnerschaft, schätzt die Internationale Agentur für erneuerbare Energien (IRENA), dass allein für die kumulativen Energieinvestitionen 51 Billionen USD erforderlich sind, umC21-30S 1, 20 °C das Access.
Prime Minister Holness said: “As a small island developing nation, the 1.5° Paris Agreement goal is not an abstract goal but a matter of survival. This is why the development and launch of the NDC Partnership Financial Strategy is so important and timely.”
“The Partnership’s financial strategy sends a clear signal to members and world leaders that the growing ambitions of developing countries urgently need to be matched by significant, predictable and timely financing,” Minister Samuda added.
COP President Alok Sharma added: “We have made significant progress at COP26, but now is the time to turn commitments into action. The partnership has shown that by combining country leadership with a coordinated response from international partners, technical and financial support can be effectively mobilized.”
Information about the NDC Partnership
The Nationally Determined Contribution Partnership brings together more than 200 members – including 115 developed and developing countries and 80 institutions – to take ambitious climate action that contributes to achieving the Paris Agreement and the Sustainable Development Goals (SDGs). Governments prioritize implementation of the Nationally Determined Contributions and the support they need to develop implementable policies and programmes. This results in a tailored package of expertise, technical support and funding for members.
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