New Development Bank 348d ago

Emerging markets and developing countries face the challenge of fairly distributing their limited resources for economic and social development while also adapting to climate change impacts and reducing greenhouse gas emissions. Estimates suggest they will require between US$3 to 6 trillion annually by 2050 with the current climate funding commitments falling significantly short. For example, only 14 percent of the total climate finance in Africa so far has come from private capital. At our side event at #COP29, we we will sit down with Development Finance Institutions and international organisations to discuss ways to mobilise private capital and explore effective instruments to mitigate risks.