GREATER FINANCIAL INVESTMENT NEEDED TO COMBAT CLIMATE CHANGE -- UN CHIEF

From: UNNews <UNNews@un.org>
Date: 13 Oct 2013 17:00:00 -0400
Subject: GREATER FINANCIAL INVESTMENT NEEDED TO COMBAT CLIMATE CHANGE
-- UN CHIEF
To: news11@ny-mail-p-lb-028.ptc.un.org

GREATER FINANCIAL INVESTMENT NEEDED TO COMBAT CLIMATE CHANGE -- UN
CHIEFNew York, Oct 13 2013 5:00PMSecretary-General Ban Ki-moon today
called on the international community to step up its financial
investment in technologies, policies and practices that can help
combat climate change, adding that time is running out to address this
global threat.

"Climate change is the single greatest threat to sustainable
development. Yet too often, one important fact gets lost amid the
fear: addressing climate change is one of our greatest opportunities,"
Mr. Ban <"http://www.un.org/sg/statements/index.asp?nid=7198">said at
the annual meeting of the International Development Finance Club
(IFDC) in Washington, D.C.

"With enlightened action, we can create jobs, improve public health
and protect the environment."

In his remarks, Mr. Ban underlined the role that the development
finance community and the financial sector have in forging solutions
to climate change. For example, large amounts of capital are needed to
develop low-carbon infrastructure, and green enterprises need
investments to close the gap between low-emissions and fossil-fueled
based projects.

As the economic impact of climate change grows, more needs to be done,
Mr. Ban stressed, calling on the IDFC to actively engage in next
year's Climate Summit, which will bring together Heads of State,
global leaders from business, finance and civil society.

"Our goal is mobilize political will for the negotiations, deliver
concrete new commitments and spark a race to the top in climate
action," he said. "I hope you will collectively use the 2014 Climate
Summit to reach the goal of $100 billion-a-year for new climate
finance commitments. I also encourage you to double your portfolio of
adaptation financing."

Mr. Ban emphasized that action from development banks would not just
help make economies and financial institutions more climate-resilient,
but would also inspire other financial actors to follow suit.

"Development banks have proven that smart public financing can spur
local and international private sector investments and meet the
growing demand for energy and climate resilience.

I urge you to do even more at the global and national level: by
helping to open new markets… facilitate new business models and
support entrepreneurs in the developing world where demand for clean
investment solutions is greatest," he said.

Mr. Ban later had lunch with members of the IDFC, and thanked them for
their leadership and commitment to further strengthen collaboration
between IDFC development banks and the UN system.Oct 13 2013 5:00PM
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