Exciting to see the Green Guarantee Company (GGC) showcase the opportunity in urban climate finance at #COP29! ????? GGC is the world's first climate-focused guarantor. With support from USAID, GGC is delivering innovative approaches to mobilizing and localizing greater private investments to fund green projects.
The Development Guarantee Group Chief Executive Officer, Lasitha Perera, presented on the Green Guarantee Company (GGC) at the High-Level Roundtable on Urban Climate Finance which took place as part of the Ministerial Meetings on Urbanization and Climate Change at COP29 Azerbaijan today. Many thanks to the UN Environment Programme and the Global Alliance for Buildings and Construction (GlobalABC) for their kind invitation to GGC to participate. It was an engaging session with a number of national and local governments from both the Global North and the Global South articulating eloquently the challenges they face in helping their urban populations adapt to the consequences of climate change and more pertinently the challenges in raising urban climate finance to implement the solutions they need. It was clear that the urban climate finance gap doesn't fit the Global North (has finance) vs Global South (doesn't have finance) paradigm - it is truly a Global issue. There was universal consensus that guarantees have an important role to play in helping channel more urban climate finance from the private sector. To this end Lasitha reaffirmed that GGC, as the world's first climate focused guarantor, is ready to play its part in helping to address the barrier created by a misperception of the risks associated with urban climate finance. In conclusion, Lasitha also made the point that the strongest and most active capital markets globally are underpinned by a strong and active real estate sector. Consequently, it is not just the case that the construction sector needs finance, but equally true that the finance sector needs a strong construction sector. #COP29 #BuildForClimate #ActOnCooling Roland Hunziker l Gulnara Roll l Hanane Hafraoui