Climate Change Requires Greater Financial Investment: Ban Ki-Moon
October 16, 2013

UN Chief Urges More Financial Investment To Combat Climate Change

Alan McStravick for - Your Universe Online

The Secretary General of the United Nations, Ban Ki-moon made an important announcement this week regarding climate change. Speaking from the annual meeting of the International Development Finance Club (IFDC) in Washington, DC, he called on the entire international community to commit to providing increased financial investment in the fields of technology while also crafting intelligent policies and practices intended to help combat the deleterious effects of climate change. As Ban noted, "time is running out to address this global threat."

“Climate change is the single greatest threat to sustainable development. Yet too often, one important fact gets lost amid the fear: addressing climate change is one of our greatest opportunities. With enlightened action, we can create jobs, improve public health and protect the environment.”

Another important component of his remarks underlined specifically how the development finance community, in concert with the financial sector, must play an instrumental role in driving the world community to the solutions it needs for this issue. As an example, he pointed out how large amounts of capital are needed to develop new and important industries and enterprises. Investment on the level Ban has called for would play a significant role in closing the gap between burgeoning low-emission technologies and the current fossil-fuel based model we currently operate under.

To the members of the IFDC, Ban urged them to participate in next year’s Climate Summit. “Our goal is mobilize political will for the negotiations, deliver concrete new commitments and spark a race to the top in climate action,” he said. “I hope you will collectively use the 2014 Climate Summit to reach the goal of $100 billion-a-year for new climate finance commitments. I also encourage you to double your portfolio of adaptation financing.”

According to Ban, participation of the development banks in this endeavor is imperative. With their playing a role, they not only help to ensure entire economies and financial institutions are more climate-resilient, but their taking the lead on this will provide cover for other financial vehicles to also work towards addressing climate change.

“Development banks have proven that smart public financing can spur local and international private sector investments and meet the growing demand for energy and climate resilience. I urge you to do even more at the global and national level: by helping to open new markets… facilitate new business models and support entrepreneurs in the developing world where demand for clean investment solutions is greatest,” he said.