UN, WEF Launch Climate-friendly Investment Initiative

Doha, December 07 (QNA) - The UN Climate Change Secretariat jointly with the World Economic Forum (WEF) on Friday launched the Innovative Financing for Climate-friendly Investment initiative. The initiative, which launched on the sidelines of the U.N. climate change conference (COP18), now in the last day in Doha, Qatar, aims to recognize and highlight creative financing models that enable adaptation and mitigation activities in developing countries, according to a U.N. Radio report. "The initiative will showcase 'lighthouse activities' that use innovative financing to make a difference in meeting the climate change challenge on the ground. These activities notably public-private partnerships in developing countries can serve as models for governments, businesses and industry looking for climate-friendly investment vehicles," a statement released at the event read. The UN Framework Convention on Climate Change (UNFCCC) Executive Secretary Christiana Figueres said they are "looking to highlight public-private partnerships that are underway and that are successfully putting together innovative financing solutions to address climate change," adding that "there is much creative thinking in many sectors that people can learn from and which opens the door to greater political and business ambition to tackle climate change." The initiative will benefit from the WEF's Green Growth Action Alliance, which includes more than 50 of the world's largest energy firms, international financial institutions and development finance banks working to introduce greater investments in clean energy, transportation, agriculture and other green investments. Dominic Waughray, Senior Director and Head of Environmental Initiatives at the World Economic Forum said stimulating investment on the scale and pace needed to address climate change is an urgent global priority, noting that WEF tackles this challenge by involving the leaders of financial institutions, governments and the community in order to identify effective financial models. Innovative Financing for Climate-friendly Investment is part of the Momentum for Change broader initiative, which sheds light on mitigation and adaptation activities implemented at the regional, national and local levels, and encourages governments, businesses and civil society to exert more efforts in combating climate change. (QNA)