ICC is an official
global private sector observer of the Climate Investment Funds, which are
designed to help developing countries pilot low-emissions and climate resilient
development for better preparing vulnerable regions for natural disasters. The
total amount pledged by 14 countries to these funds, housed by the
World Bank, is approximately US$6.5 billion.
At the Istanbul
meetings, ICC highlighted both the current and future roles of the private
sector in delivering innovation and finance in low emission technologies,
products, and services that help to mitigate and adapt to climate change.
The Climate Investment
Funds meetings, which included the ICC-supported Private Sector Forum and
culminated in the Partnership Forum, brought together more than 200 representatives
from governments, private sector and civil society.
Vice Chair of the ICC Commission on Energy and Environment, highlighted the
long-term investment horizon for energy infrastructure and that long-term
investments require specific planning and risk management. Ms Poulton – who spoke
at the plenary session on “Private Sector Adaptation: Emerging Experiences from
Global Business” – cited the example of her company, Eskom, which has a
corporate strategy for managing risk and building resilience.
Policy Manager for energy and environment, stressed that any long-term investment needs to balance
short- and long-term strategies to deal with the multifaceted economic, social,
and environmental challenges and opportunities.
With support from
the Climate Investment Funds, 48 developing countries are piloting
transformations in clean technology, sustainable management of forests,
increased energy access through renewable energy, and climate-resilient
commerce from the Philippines, St Lucia and Ethiopia are also among the total
of eight private sector observers representing different regions and working
areas of the funds.
For more information please visit the Environment and Energy Commission pages