LGMA on climate finance
At the plenary meeting of the COP and CMP on 7 November 2017, ICLEI—Local Governments for Sustainability in its capacity as the focal point of the Local Governments and Municipal Authorities (LGMA) constituency delivered an intervention focusing on matters relating to finance. Jisun Hwang, Senior Climate Advocacy at ICLEI World Secretariat delivered the intervention.
The full statement is posted in the UNFCCC website. Below are the excerpts on the main points of the intervention.
The LGMA constituency calls upon the operating entities of the UNFCCC Financial Mechanism to prioritise capacity building, technology transfer, project preparation, decentralized cooperation and strategic plans and investments for integrated, sustainable urban and territorial development as important pathways for low-emission, high-resilient development. This would involve greater mobilization of a wide variety of sources, instruments and channels, including from private finance, in line with the Marrakech Roadmap for Action on Localizing Climate Finance.
We also call upon Parties to increase the funding towards the operating entities of the UNFCCC Financial Mechanism and to develop innovative, climate friendly solutions and infrastructure. We call on Parties to acknowledge the innovative modalities that local and regional government have adapted to access financing and to strengthen the role of dedicated financing intermediaries for local investment, such as Municipal Development Funds, particularly in climate vulnerable communities.
In particular, regarding agenda sub-item 10 (c): Report of the GCF to the COP and guidance to the GCF.
The LGMA constituency underscores the importance of making finance flows consistent with a low emissions climate-resilient development pathway at the local and regional level through cooperation with the GCF.
In this context, we welcome the mandate contained in decision 10/CP.22, paragraph 11 where the COP encouraged the GCF Board to implement its decision to develop modalities to support activities enabling private sector involvement in the LDCs and SIDS, and to seek opportunities to engage with the private sector, including local actors, on adaptation action at the national, regional and international levels. The LGMA constituency reaffirms its full support of this mandate and we commit to supporting its implementation by providing further support from the perspective of cities and other subnational authorities.