New York Climate Week 2024

Coherence and coordination is enhanced on L&D. Draft details on L&D fund development from the World Bank are shared.

Emerging markets and developing economies with debt difficulties highlight the role that climate plays in impacting existing debt relief efforts.

Debt-for-climate swaps are discussed in conjunction with offset markets to create a longer-term impact that also supports domestic markets.

Examples of successful debt clauses are shared, along with implementation lessons learned. The activation of the CRDC by Grenada, in the wake of Hurricane Beryl this summer, is supported as a successful test case.

At the UNGA, identify levy options to take forward for further analysis.

Private financial actors back guarantees as a preferred instrument for private capital, call on MDBs and DFIs to increase their use of guarantees, and work with the private sector on implementation.

Companies that announced plans to reduce the carbon footprint on their supply chains in NY Climate Week 2023 share their advancements and best practices. Conversations around the use of AI to accelerate decarbonization take place.

The private sector highlights its work to date in supporting and investing in the JET-P systems.

Civil society organizations and experts push for the level of ambition needed, particularly from high-emitting economies.

There is a collective push for country-led initiatives. At least one of the JET-Ps announces a funding arrangement and/or forward progress.

Credit rating agencies and MDBs identify data needs and potential data-sharing mechanisms necessary for updated rating methodologies.

There is a push for MDBs to reevaluate the role they play - in concert with the country led platforms discussion - and the need for development finance to provide on-ground impacts above all else.

Representatives from the private sector express an interest in originate-to-distribute models, highlighting the role of private capital mobilization in the securitization of the loans.

Conversations on Green Climate Fund approval and data barriers are a strong topic of conversation, with a G20 recommendation to create an easier path to public climate funds.

The MDBs agree to support governments in developing enabling policies that support domestic markets /investment.

The agenda from the Transition Finance Framework (TFF) is taken forward, with the announcement that commitments from both the private and public sectors will be assessed.

There is a collective push for more, and earlier, financing from public development banks on project development. Examples of successful early project finance are highlighted for their impact on both climate and domestic market development.

Private financial actors increasingly build coalitions on adaptation and resilience opportunities and announce new work/partnerships aiming to capture the "unavoidable opportunity" of adaptation investment.

Innovative financial solutions for climate is one of the key discussion points, with national development banks and regional MDBs discussing their role in holding currency risk and proving local currency lending.

The private sector highlights the role taxonomies have played in facilitating international climate finance.

Guidelines on integrity are announced from the VCMI or a similar integrity-focused organization. Clarity on the use of VCM by US corporates in the wake of UN Secretary General announcement of principles in May 2024.