The UN's annual climate change conference known as COP28 kicks off in Dubai Nov. 30. Finance is a big theme on the agenda, and in this episode of the ESG Insider podcast we're talking to Hong Paterson, the Chief Financial Officer and Chief Operating Officer of the Green Climate Fund (GCF).
GCF is accountable to the UN and is guided by the principles of the UN Framework Convention on Climate Change (UNFCCC); it was established at a previous Conference of the Parties (COP) gathering to help achieve the Paris Agreement goal of keeping global temperature rise to well below 2 degrees C relative to preindustrial levels.
"The Green Climate Fund is the largest climate-focused fund globally and is the main mechanism for the Paris Agreement," Hong says. "Part of the Paris Agreement was really to bring at least $100 billion per annum, which was the problem statement when the Paris Agreement was established. That problem statement is now multiple trillions of dollars per annum."
In the episode, Hong also talks about her expectations for COP28 — including the role the private sector can play in addressing the massive climate financing gap.
"There is a huge pool of funding that's waiting from private sector, and it's a function of trying to figure out how we can help them overcome the hurdles," Hong says.
You can listen to previous episodes about what to expect from COP28 here: https://www.spglobal.com/esg/podcasts/what-to-expect-from-cop28-the-un-s-big-climate-change-conference
And here: https://www.spglobal.com/esg/podcasts/intersection-of-gender-and-climate-in-focus-ahead-of-cop28
This piece was published by S&P Global Sustainable1, a part of S&P Global.
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