The first climate finance accelerator was held in London in September 2017, involving delegations from Colombia, Mexico and Nigeria. With the swift entering force of the Paris Agreement, attention is now turning to financing the underlying country commitments represented in the nationally determined contributions (NDCs).
To accelerate this process, a consortium of climate finance and policy specialists (Department of Business, Enterprise and Industrial Strategy (BEIS) of the UK Government, independent foundations, Price Waterhouse Coopers, the Climate and Development Knowledge Network (CDKN), the Inter-American Development Bank, among others), has developed the Climate Finance Accelerator which provides a programmatic, replicable approach for financing NDC implementation. The Accelerator brings together countries with financial experts, providing fast track practical assistance to enable countries to produce outline NDC Financing Plans (NFPs).
The first Accelerator workshop was also supported by the Moroccan Presidency of COP22, hosted in partnership with the UK government and the City of London, as well as private Banks including PNB Paribas, Dutch Bank and HSBS.
During the week’s agenda, the Colombian team was engaged in focused sessions on themes such as climate investment planning, private sector engagement, enabling environment for investment, developing financing propositions, and monitoring and reporting of results. Also, the team was supported on specific areas by relevant specialists, looking in detail at these issues in the context of the country priorities and needs. Finally, Colombia representatives presented the initial country projects, to an audience of policy makers, investors, banks and insurers.
Merging expertise on private financing to support the selected list of NDC projects from the 3 countries was an eye opener, building the capacity to understand that implementing the Paris Agreement will need Innovative financial schemes and projects.