B20 leadership participates in Climate Week NYC

At the forefront of Climate Week NYC, representatives from B20 took a relevant role in discussions about mobilizing investments to confront extreme climate events. Throughout the week, B20 Brasil sherpa Constanza Negri Biasutti , Ricardo Mussa - Raízen CEO and B20 Chair of Energy Transition and Climate, and Luciana Antonini Ribeiro , co-founder of eB Capital and B20 Chair of Finance and Infrastructure, participated in meetings that probed the intricacies of raising the capital needed to meet climate goals. Emphasis was placed on the shortfall in global investment for climate finance — with estimates suggesting that an annual influx of USD 5 to 8.5 trillion is required by 2030.?

This year, Climate Week NYC , timed to coincide with the United Nations General Assembly , symbolizing a collective effort to address climate change. The event, featuring over 600 various activities, has become a nexus where individuals and organizations spanning business, politics, and civil society have a space to discuss the transition to a climate-conscious global economy.?

The B20's engagement at the event focused on the need for corporations and investment firms to develop climate-oriented business ventures at a scale that can support the shift to net-zero emissions. In line with the recommendations from the B20 Finance and Infrastructure and Energy Transition and Climate Tasks Forces to the G20 Brasil 2024 Brazilian presidency, the discussions converged on the importance of governments setting up policies and frameworks that incentivize private investment in climate solutions. ?

The B20 representatives aimed to demonstrate the potential for public and private sector collaboration to catalyze the development of industrial climate champions. For the Energy Transition & Climate task force members,?the transition to a low-carbon future, while promoting environmental preservation and restoration, is only possible when businesses and governments work together. For the B20, it is important to address the issue from a global perspective, highlighting the need for solutions to tackle these challenges and to finance long-term actions.?

"Our participation in New York Climate Week enabled us to engage with key public and private stakeholders, sharing B20's recommendations for scaling climate finance. We explored pathways to support an effective and inclusive transition to a low-carbon economy, and it was clear that the B20 had strong synergy and a significant role within the Climate Week discussions.", says Constanza Negri, B20 Sherpa.

The G20 private sector forum also addressed the urgent need for large corporations and investment firms to develop climate business opportunities at industrial scale to support the global transition towards net-zero and a low carbon economy. This aligns with the recommendations formulated by the B20 Finance and Infrastructure Task Force, which emphasize the crucial role of governments in creating supportive policies and frameworks that incentivize private investment in climate solutions. ?

The chair of Finance and Investment Task Force, Luciana Antonini Ribeiro , stated that “It was essential for us to present proposals and projects aimed at mobilizing private capital for investments in a low-carbon economy, especially in emerging and developing countries. Brazil, with its biodiversity and renewable energy matrix, has a unique opportunity to stand out as one of the global leaders in sustainable solutions for the world".?

This global effort builds upon the overarching vision of the COP28 Global Climate Finance Framework, which Brazil is a signatory alongside 14 other countries representing 40% of the world’s GDP. The B20 representatives aimed to showcase successful public and private sector-led initiatives fostering in-depth dialogue across the entire ecosystem consisting of business leaders, investors, policymakers, regulators, rating agencies, Multilateral Development Banks (MDBs), and Development Finance Institutions (DFIs). So that it generates a catalysation of the creation of industrial climate champions by bringing together business developers and asset allocators who are poised to drive the global transition. The B20 believes that it is crucial to foster an enabling environment that crowds in private sector capital at scale to advance the new climate economy, particularly in emerging markets and developing economies (EMDEs).?

The B20 Brasil argued for the importance of creating an environment that encourages private sector capital to support the growth of a new climate economy, with specific attention to the emerging markets and developing economies. They emphasized that a fair transition to net-zero economies is multifaceted, relying significantly on the interplay between finance, policy, and regulation to inspire private investment.?

In terms of outcomes, the week was marked by the advocacy of B20 policy recommendations aimed at boosting private sector engagement, the formation of collaborative frameworks under the COP28 Global Climate Finance, and the provision of strategic insights that could scale private climate solutions.?