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COP28 Unveils Climate Finance Think Tank, U.S.-Nordic Agreement

Finance Day at COP28 brought plenty of news Dec. 4, including the launch of a Global Climate Finance Centre aimed at driving climate financing.

The collaborative initiative hosted by Abu Dhabi includes sovereign wealth fund Abu Dhabi Developmental Holding Co., known as ADQ; asset managers BlackRock and Ninety One; HSBC; and the World Bank.

Billed as a think tank and research hub to ease barriers to investing in low-carbon projects, “this independent hub in Abu Dhabi will continue to support the scale-up of well-functioning, aligned green finance markets to drive the growth of climate finance,” the GCFC said in a statement Dec. 4.

Finance Day also marked a new collaboration between the U.S. and Nordic countries to mobilize private capital in climate-related investments in emerging and developing markets. The Investment Mobilization Collaboration Arrangement calls for public-private partnerships that will “create concrete pipeline collaboration,” support blended finance and catalyze private capital, government officials from the U.S., Sweden, Denmark and Finland said in the Dec. 4 announcement. Talks with more donor countries are ongoing, and operating partner World Climate Foundation said the IMCA will collaborate with an asset owner advisory board for technical support, and engage with leading asset managers on blended finance vehicles and with asset owners for financial pledges.

Source : Pensions&Investments

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