Global emissions continue to rise, with reductions in developed economies outweighed by increases in emerging and developing economies (EMDEs). The rapidly shrinking carbon budget needed to limit global warming to below 2°C highlights the inadequacy of domestic climate policies alone. Achieving global net-zero requires a focus on EMDE decarbonization and complementary policies, particularly climate finance, to offset the lack of universal carbon taxation. This raises critical questions about scaling public-private climate finance for EMDEs and ensuring that it aligns with the economic interests of the U.S. and other developed economies.
On Friday, November 8, the E-Axes Forum, Cornell Atkinson Center for Sustainability and Brookings Center on Regulation and Markets (CRM) will jointly host a virtual public event to address these important topics. The event will have a panel of policy and academic experts on challenges to scaling climate finance, particularly those related to the coming global energy transition with a focus on emerging and developing market economies.
The discussions at the event speak to salient ongoing climate finance policy developments and are especially timely ahead of COP29, starting on Monday, November 11. COP29 will focus on establishing a “New Quantified Goal for Climate Finance,” with the aim of significantly increasing the current $100 billion annual climate finance pledge for EMDEs to the over $1 trillion that is needed.
Program
Welcoming remarks
Sanjay Patnaik, Bernard L. Schwartz Chair in Economic Policy Development, Senior Fellow, and Director, Center on Regulation and Markets, Brookings
Panel discussion
