Following COP21 in Paris, CEOs, policy-makers, multinational companies, national business associations, high-level experts, and multilateral development partners will meet on May 24th and 25th at a global conference to discuss private sector investment opportunities resulting from the COP21 agreement and the role of the private sector in taking climate action. This Dialogue for Climate Action will take place at the Hofburg Conference Center in Vienna, Austria.
During the conference, the World Bank Group and its partners will launch the “Principles for Dialogue on Climate Action”, a platform for the public and private sectors to come together to identify challenges and implement solutions around climate change.
CEOs from industries ranging from textiles to technology companies have pledged to scale-up efforts on climate action, by decreasing their carbon footprint, ensuring cleaner energy inputs and investing in new technologies. Global financial institutions have pledged hundreds of billions of investments over the next 15 years in clean energy and energy efficiency. How can these investments be catalyzed in emerging economies?
The role of dialogue between businesses, governments and civil society will be critical to encourage policies that are “investment grade” and that promote such climate-friendly actions. The challenge is how to engage industries and other actors in society to spur growth in climate efficient industries and improving sector competitiveness.
This global conference will discuss opportunities for climate action by the private sector and address the dialogue gap within the framework of COP21 to lead to greater alignment and cooperation with national goals for climate action.
The event will be held at Hofburg Conference Venue, Vienna, Austria and broadcast globally online.
Event Highlights:
- Hear from CEOs of leading companies and top policymakers about the main investment and financing opportunities resulting from the Paris agreement.
- Identify “investment grade” policy areas that will help generate growth and competitiveness in emerging economies.
- Define the principles of dialogue in cities, global supply chains, carbon markets and technologies that can help unlock these opportunities.
- The official launch of the World Bank Group’s latest flagship publication: A Greener Path to Competitiveness
Find out more here.
Agenda
Take a look and download the full agenda here:
Speakers
Take a look at the list of speakers attending the Dialoguge for Climate Action:
Principles
The “Dialogue for Climate Action” global conference will present and introduce universal Principles guiding climate dialogues, identifying key features that need to be present in a well-designed dialogue process. The Principles will ensure consistency in design, seek efficacy and ensure ultimate results of dialogues. The “Dialogue for Climate Action” event will launch the Principles developed collaboratively and endorsed by leading development partners, institutions, and the private sector.
The private sector, with its significant financial resources and dedication to innovation, has a leading role to play in the urgent global effort to slow, and if possible, reverse the negative effects of climate change. Private sector involvement will take many forms, from new technologies to new financial instruments. But essential to this active role is a robust dialogue enabling the private sector to engage with governments, international organizations, civil society, and communities on strategies to address a crisis whose impacts extend from remote villages and islands to the planet as a whole.
The response to climate change cannot be shouldered by governments alone. A clear consensus has emerged that stopping and reversing the catastrophic consequences of climate change requires urgent, comprehensive, ongoing and well-managed public-private dialogue. This dialogue will strengthen the private sector’s voice in identifying opportunities, designing the right policies for industries, and implementing climate change action with the help of new systems and technologies. Dialogue for climate change will be vital to enabling regions, countries, and communities to build the consensus and cooperation needed to implement change and achieve national climate action goals. The dialogue will be much more than talk; it must be structured and managed so that consensus turns into commitment and action.
The historic agreement reached in Paris at the 21st Conference of the Parties (COP21) last December set out a hugely ambitious plan of work to turn the principles of climate change mitigation and adaptation into action. The Paris Agreement encompasses both significant financial commitments and the establishment of structures and mechanisms whereby countries can design and implement viable actions to meet agreed-upon goals. Investment levels on the order of $100 billion a year for the next four decades will be needed for developing countries to strengthen economic resilience to the effects of climate change. Mitigation costs are expected to reach $140–$175 billion annually by 2030.
These sums are beyond the reach of international institutions or country budgets—particularly developing countries. But a key element of the global approach to climate change is to shift the focus from cost to opportunity. The business case for private sector engagement in climate change strategies is clear, both in terms of growth opportunities and risk exposure. Studies show that climate change threatens to inflict catastrophic damage on corporate bottom lines. A Cambridge University study estimates that equity portfolio could tumble by 45 percent, while a CitiGroup study indicates that excessive warming could shave up to $72 trillion from the World’s GDP. Companies are aware that their business strategies need to account for climate challenge economies and operate in a “greener way.” The private sector can lead the way in climate change mitigation by lowering emissions from industrial operations (currently around 30 percent of direct and indirect emissions) and leveraging technologies and innovations that provide sustainable and profitable solutions. Like any disruptive force, climate change is creating opportunities for companies willing to innovate. A recent IFC report found that Eastern Europe, Central Asia, the Middle East, and North Africa could support up to $1 trillion in climate-related investments by 2020.
Government reform to remove regulatory and policy barriers and foster private innovation and investment has the potential to unlock billions of dollars’ worth of investment opportunities. The private sector needs to play a role in helping governments design transparent and stable long-term regulatory regimes, including a price on carbon.
The results will be much more fruitful if governments and the private sector work in a mutually beneficial and collaborative ways by engaging in a dialogue that helps identify and recommend solutions to the climate challenge. Dialogues help build trust, close knowledge gaps, catalyze action, and benefit from a consensus understanding of the challenges as well as combined ownership of recommended policies and actions. Dialogue is much more than occasional informal meetings among interested parties. Dialogues, whether they take place at the international, national, or local level, should follow a set of managing rules, based on well-established best practices, to stay focused on critical issues and produce tangible results. This is especially crucial given the complexity, scope, and vital importance of the climate challenge.
Live Stream
You can join the Live Stream here and be part of the conversation.
Registration
Participating in this event is free, however you have to register here.
