From Mohamed Gouled, VP of Industries at IFC - International Finance Corporation: “I had an incredible time last week at COP29, where I had the privilege of participating in several important discussions, ranging from #climatefinance to access to electricity to people in Sub-Sharan Africa. Here’s the wrap-up of some of the key discussions: ? At the “Mission 300: Bringing Electricity to 300 million Africans through Innovation and Partnerships,” I highlighted the need for private sector investment, as the public sector alone can’t meet the financing needs. We also announced our investment in Acumen’s hard-to-reach initiative to boost access to clean and affordable energy in Africa. Watch: M300 event: https://lnkd.in/draTGu5D. Read: https://lnkd.in/eBqTi6BD.) ?During the discussion on “Unlocking institutional capital for the climate transition in emerging markets,” hosted by ILX, we noted that MDBs must deepen their collaboration more than ever, from developing products to measuring impact. That’s critical, as we explore ways to attract new investment sources, including from institutional investors, who manage hundreds of trillions in assets. ?During the panel session on “Equity Financing Gap in EMDEs,” we emphasized the critical role of equity investments in driving growth in EMDEs. The global equity gap is estimated at $12.3 trillion. Equity financing can help enhance risk-sharing through public-private partnerships and optimizing scarce public funds. However, challenges include foreign exchange risk and regulatory or policy uncertainties. To address these, we are testing our capacity to support governments through our M300 initiative and developing a country-level, tranched FX risk-sharing facility, which we aim to pilot soon. We look forward to working with our partners, including Allied Capital Partners (ACP) and Glasgow Financial Alliance for Net Zero (GFANZ). ?During the roundtable hosted by Industrial Transition Accelerator (ITA) on creating demand-stimulating policies to accelerate green industrial projects, we pointed out the need to decarbonize hard-to-abate sectors, such as cement and steel. This requires unlocking large-scale financing, stimulating demand for low-carbon products, and creating an enabling environment through public and private sector collaboration. For more: https://lnkd.in/dT3zXKuK) ? ?At at the “Leaders Roundtable on Energy: Advancing Climate Mitigation Action,” we emphasized the importance of private capital mobilization for the energy transition and highlighted IFC’s efforts in channeling investments and transferring technical knowledge to support energy transition in Africa and beyond. ? My deepest gratitude to the organizers and our incredible #IFC colleagues for their unwavering support and active participation at COP29, tackling climate change—one of the greatest challenges of our time. ?
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