Climate finance covers the broad topics of investments in both climate mitigation and resilience across the globe. The finance strand in COP26 looks at the funding mechanisms for all of the other thematic components of COP26 and it is here that we begin with a discussion on the incentives, regulation and pricing of investments relating to climate change/crisis and the green economy.
We start on the 5th of May with the very longest term outlook and a critique of economic modelling of climate impacts and pathways to better outcomes over the intermediate and long term. This session will look at the changing landscape of public investment, particularly in the United Kingdom and the United States. On the 12th of May we will then look at the private sector and how changing attitudes of investors is starting to effect changes in financial markets and their attitudes to financing projects. On the 19th of May we switch track to directly address the issues of climate finance in low- and middle-income countries and focus on investment and development of poverty reduction and sustainability for climate vulnerable populations. Finally, on the 26th of May we will look directly at the regulatory side, how externalities are priced into regulations, infrastructure provision and the move to a carbon neutral economy.
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A just transition to a net zero society depends on the combined actions of diverse agents, ranging from Government departments, to private sector companies and individual citizens. Each of these agents will be responding to a mixture of regulations, incentives and motivations which will determine the shape and pace of the transition. To be most effective, these incentives need to be consistent and aligned with the objectives of a just transition. In practice this is not the case, and as a result the transition is likely to cost more, take longer or be less fair than hoped. Addressing such misalignment needs to be a priority for policy makers if the objectives of an efficient and just transition are to be realised.