Private capital is an important supplement for climate financing in developing countries, but these nations must be well prepared with policies to facilitate such funds, according to officials at the ongoing COP24 in Katowice, Poland.
When it comes to helping developing countries address climate challenges, "it is extremely important to be able to mobilize private finance", said Michal Kurtyka, president of the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP24.
"Public money can serve as a trigger. … But if we want to make sure that this climate finance is also fueling the development, then we must encourage the presence of private funding," Kurtyka, who is state secretary for Poland's Ministry of Environment, said in an interview.
He said there are a number of channels in which private money can be mobilized and will be available to help meet the developmental needs of developing countries. This includes crowd financing.
"There are lots of private-sector areas we are considering for you (developing countries), and we can help open the door, facilitate the policy, and create the conditions that make it attractive for (the) private sector to come," John Christensen, director of the UNEP DTU Partnership, said at a side event at COP24.
Private investment will not come unless countries show a clear interest and business possibilities, he added.
COP24 is tasked with finalizing implementation guidelines for the 2015 Paris climate agreement, which aims to keep global warming well below 2 C. The conference is scheduled to close on Friday.
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