The finance community is emerging as a partner in the challenge of responding to climate change – policy makers have an opportunity to both deepen and broaden this partnership. Actors from across the sector and in all geographies are recognizing both the threats that climate change poses, but also the commercial opportunities it provides. They are responding with action, as illustrated by five key ‘inflection points’. The resulting momentum is in distinct contrast to the situation in the run up to COP 15 in Copenhagen. But gaps in private sector climate finance remain: investment levels remain too low; not all countries are seeing benefits; and leadership by some in the sector is matched by inertia from others. Filling these gaps will, in turn, necessitate governments to address weaknesses in their own policy responses, requiring both national action and international cooperation.
The momentum in the sector was given a substantial boost at the 2014 Climate Summit hosted by the UN Secretary-General in New York. This prompted a series of specific, quantified commitments and targets from across the sector, involving both individual companies as well as organizations acting in partnership. As shown in this report, the majority of these commitments and targets have been met or are on track to being delivered.