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In the days leading up to COP29, the Climate Parliament and the United Nations Industrial Development Organization (UNIDO), convened the Green Zones Investment Dialogue, under the Parliamentarians for Climate Finance project. The Dialogue was supported by the Green Climate Fund (GCF), Climate Compatible Growth programme (CCG) and Climate Emergency Collaboration Group (CECG).
The 70 legislators who attended the Dialogue participated in five high-level technical discussions, organised to provide legislators with the knowledge and tools needed to mobilise climate finance in their countries. With climate change presenting both an existential threat and a transformative economic opportunity, this ongoing dialogue aims to empower legislators to become champions of green investment in their countries.
The Dialogue focused on practical strategies for unlocking funds, and the policy and legal frameworks needed to encourage investment in low-carbon industries. The discussions centred on the urgency of cutting emission to meet the goal of the Paris Agreement. It is estimated that around $4 trillion per year by 2030 in investment is required to achieve a global net-zero emissions targets by 2050; public funds must be used to trigger an exponential increase in private green investment in all parts of the world.
Furthermore, the Dialogue presented Green Zones as a tangible opportunity to attract private investment to developing economies while reducing financial risk. Green Zones are designated areas where the limited public money for investment guarantees can be concentrated to attract large amounts of investment in energy generation, green manufacturing, or conservation efforts. These zones may include large-scale projects, such as solar or wind parks, interconnected areas producing various types of energy, or dedicated green manufacturing zones.
During the closing section of the Dialogue, MPs from 32 nations signed the Legislators’ Green Energy Pledge, in support of the COP29 Legislators' Green Energy Pledge, committing to deploy their political influence to help create the infrastructure required to fulfil the landmark Pledge.
You can read the full Dialogue report here:
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