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Public-Private Partnerships for Climate Finance

image of Public-Private Partnerships for Climate Finance

There is strong evidence showing the urgent need for scaling-up climate finance to mitigate greenhouse gases in line with the 2°C target, and to support adaptation to safeguard the international community from the consequences of a changing climate. While public actors have a responsibility to deploy climate finance, it is clear that the contribution from the private sector needs to be significant. Consequently, a strong public commitment is needed to engage with the private sector and ensure climate finance is leveraged and deployed effectively. In this context, Public Private Partnerships (PPPs) are a promising avenue to contribute to climate finance delivery. PPPs provide frameworks to ensure public leadership and accountability in tackling climate change, while enabling the ownership of certain components of climate finance to be transferred to private hands.

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Introduction

There are different estimates of the financial resources required to meet the 2 °C target, ranging from 340 billion to USD 1.1 trillion per year to 2050 (see for example World Bank, 2010; IEA, 2013; SCF, 2014). Whatever the figure, it is clear that there is an urgent need for the accelerated and scaled-up deployment of climate finance. Climate finance is also needed at scale to support adaptation to safeguard the international community from the worse consequences of a changing climate. To provide the required scale of climate finance, the contribution from both public and private finance needs to be significant. Therefore, a strong public commitment is needed to engage with the private sector and ensure climate finance is leveraged and deployed effectively.

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