Official event for G20 and G20 Social, created by civil society organizations, including iCS, discussed mechanisms to unlock climate finance

In two days of events, at the end of February, the Brazilian Forum for Climate Finance gathered together approximately 1,500 people to discuss the importance of the integration between finance, climate and nature for a sustainable and just global economy. In addition to national and international experts, the forum, which was also broadcast online, promoted discussions between members of the federal government, the private sector, business coalitions, civil society, philanthropy, and national and international multilateral financing bodies, which are driving the transition to a low carbon global economy.

The executive director of iCS, Maria Netto, recalled that one of the missions of the initiative was to bring players to the table who are looking for solutions to unlock climate finance. “We still have a financial system and civil society that are very disconnected from these major global trends. The event also had the educational function of promoting the discussion with civil society, investors, banks and other parties about debt management, nature-based solutions, and other important trends,” she assessed. For Maria, the discussion has progressed but there is still much to be done. “It is the beginning of the conversation, a time to raise the stakes and show that G20 is important because it provides a technical and strategic discussion and that it is a benefit for Brazil to start implementing more sustainable solutions,” she explains.

Held on the eve of the meeting of the G20 Finance Ministers, the forum was part of the official calendar of G20 and G20 Social, organized jointly by the Arapyaú Institute, AYA Earth Partners, Institute for Climate and Society, the Igarapé Institute, the Itaúsa Institute, Open Society Foundations and Uma Concertação pela Amazônia.

Institute for Climate and Society co-organized four panels at the forum with other partners, on February 27. The first one of these, “Corporate Transition Plans: Enabling the Financing to Transition with Integrity and Implementation,” was organized with WBCSD – the World Business Council for Sustainable Development.

The debate showed that the effectiveness of the agenda depends on the establishment of partnerships and joint work between investors, the creation of public policies that are capable of inducing investments, solutions and opportunities, and the creation of the appropriate environment for a rapid transition, which occurs with government incentives and policies that are capable of accelerating the climate transition. One way would be to align the corporate strategies with the goals for the reduction of carbon emissions defined by the national governments, the NDCs. Learn more about this panel, and about the speakers, on the iCS website and also the recording of the complete panel on the website of the Forum.

From the left to the right: Mark Manning, Sustainable finance (Grantham Research Institute Center for Economic Transition Expertise), Jennie Dodson, Senior Director at the World Business Council for Sustainable Development (WBCSD), Marina Grossi, President of the Brazilian Business Council for Sustainable Development (CEBDS), Linda Murasawa, Co-Founder and Director of Fractal Negócios, Alan Gomez, Managing Director of GFANZ Latin America, and Sean De Montfort, Program manager for climate finance at the Sequoia Climate Foundation

The second panel co-organized by iCS, this time with the Climate Policy Initiative (CPI), was entitled “The reform of the architecture of the international financial system and the G20 agenda.” The experts discussed the next steps in global finance and the need for integration between private and governmental investments. Among the topics discussed was the reform of bodies such as the IMF and the regulation of the financial system, as well as new ways to mobilize and channel resources to scale the amount of investment required to deal with both climate change mitigation and the adaptation and costs with climate disasters. Learn more on the iCS website or in the recording of the panel available on the forum website.

From left to right: Maria Netto, Executive Director of iCS, Kate Hampton, CEO of the Children’s Investment Fund Foundation, Erik Berglof, Chief Economist of the Asian Infrastructure Investment Bank (AIIB), Jorge Arbache, Vice President for the Private Sector at the Development Bank of Latin America – CAF, Barbara Buchner, Global Managing Director of the Climate Policy Initiative (Moderator), Jens Sedemund, Head of the Environment and Climate Change team, Financing for Sustainable Development Division, in OECD, and Ben Weisman, Executive Director for Capital Mobilization at the Glasgow Financial Alliance for Net Zero (GFANZ). Image Credit: Fotoka/Disclosure

The third panel brought to the center of the debate the need for innovative alternatives to mobilize resources for the increasingly complex challenges presented by climate change. The topic is fundamental because the most recent United Nations Adaptation Gap Report 2023 points out that the progress in climate adaptation is slowing down, instead of accelerating.

Co-organized by iCS and the European Climate Foundation, the panel showed that there are many numbers present at the table but the functioning of the different financing instruments is not clear, as recalled by the director of Partnerships, Events, Communication and Knowledge of iCS, Alice Amorim. Learn more in the report on the iCS website or in the panel available on the forum website.

From left to right: Alice Amorim, Partnerships, Communication and Knowledge Director of iCS, Asger Garnak, Investment and Finance Lead at CONCITO, Laurence Tubiana, CEO of the European Climate Foundation (ECF), Ruurd Brouwer, CEO of TCX, Rogério Studart, Senior Fellow of the Brazilian Center for International Relations (CEBRI), Nathalie Unterstell, President of the Talanoa Institute, Cristina Fróes, Undersecretary for Sustainable Economic Development from the Ministry of Finance, and Luiz Awazu, ex-BIS. Image Credit: Fotoka/Disclosure

Forest restoration was the central topic of the fourth and final panel co-organized by the Institute for Climate and Society at the Forum. Moderated by Ana Yang, president of the iCS Board and executive director at Chatham House, the panel “Forest Restoration: solution based on nature and climate for low carbon development,” highlighted the importance of the activity for the country.

The discussion was a partnership between iCS and the Bezos Earth Fund, Banco do Brasil, WRI Brasil, Amazônia 2030 and the Climate Policy Initiative. At the opening, the director of the Programmatic Department of the iCS, Thais Ferraz, stated that the climate issue needs to be seen as a topic of development. “Forest restoration presents itself as an activity that promotes carbon sequestration, job creation and additional revenue. It is a complete alternative.” Obtain more information on the iCS website or in the recording of the panel available on the forum website.

From left to right: Thais Ferraz, Programmatic Director of iCS, Valmir Ortega, Partner at Belterra Agroflorestas, Ana Yang, Chairperson of the iCS Board/Executive Director of Chatham House, Leon Clarke, Director of Decarbonization Pathways at the Bezos Earth Fund, Denísio Liberato, CEO of BB Asset Management, Mirela Sandrini, Director of Forests, Land Use and Agriculture at WRI Brasil, and Juliano Assunção, Executive Director of the Climate Policy Initiative/PUC-Rio. Image Credit: Fotoka/Disclosure

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