6/24/2023 0 Comments Lightsmith top competitorsNaoko Ishii, serving her final month as CEO of the Global Environment Facility, opened Session I: The Adaptation Gap, reflecting on eight years leading the GEF and the “journey of adaptation” how “we were able to break this myth that the private sector is not interested in adaptation”, citing the successful launch of Climate Resilience and Adaptation Finance & Technology Transfer Facility (CRAFT) at the end of 2019, with support from the GEF and the Nordic Development Fund. It has deepened existing inequalities and laid bare how our social and economic fate is inextricably linked to that of nature”.Įach session was kicked off by opening remarks from a leader in climate adaptation. Barbara Buchner, Global Managing Director at Climate Policy Initiative, noted, “Covid-19 has exposed the fragilities of our economies and our vulnerabilities to future risk, including that of climate change. Each session brought together leaders from across the public and private stakeholder spectrum to focus on a different piece of the finance for climate adaptation narrative: (1) contextualizing the adaptation finance gap, (2) providing examples of concrete solutions, and (3) discussing how investors can scale up those solutions and incorporate climate resilience into investment decision-making more broadly.Īs Jay Koh, Co-Founder and Managing Director of the Lightsmith Group, highlighted in his introductory remarks, FASTR is “focused on finance – the idea that there is a need for funding and resources to support adaptation and focused on the future, on solutions and technologies” and is designed as a roundtable “where we’ve brought together some of the leading experts on the planet to share their perspectives – from the policy side, the company and entrepreneurial side, from the investor and funder-side – to really talk about this critical issue.”Against the backdrop of the Covid-19 crisis, the need to build resilience into our social and financial systems has become ever more clear.Īs Dr. Given LCAW 2020’s virtual format this year in light of Covid-19, this year’s FASTR discussions took place via three webinar sessions across three days. Co-convened by the Lightsmith Group, Global Adaptation and Resilience Investment (GARI) working group, COP26 Unit of the UK Cabinet Office, Willis Towers Watson, the Coalition for Climate Resilient Investment (CCRI), Global Environment Facility (GEF), Macquarie’s Green Investment Group (GIG), Global Commission on Adaptation (GCA), World Resources Institute (WRI), Global Center on Adaptation, UN Development Programme (UNDP), and UN Environment Programme Finance Initiative (UNEP FI), this event was designed as a platform to (i) elevate the discussion around the importance of scaling climate adaptation and resilience finance, (ii) showcase concrete technologies, products, and solutions that can address the climate risk problem, and (iii) explore investment strategies and instruments that can be used to directly support climate adaptation.Īs a reprise to the first inaugural FASTR event held in 2019, this year’s roundtable sought to highlight progress made since last year’s event, and to sustain the momentum around finance for climate adaptation and resilience in the lead up to UNFCCC COP26 (postponed to November 2021). LONDON, UNITED KINGDOM, 14 July 2020 – The second annual Finance for Adaptation Technologies & Solutions Roundtable (FASTR) took place virtually during London Climate Action Week (LCAW) 1-3 July 2020. Private sector engagement and investment in climate adaptation continue to move into the mainstream, and leading public and private stakeholders outline new and existing financings, projects, studies, risk analysis, measurement methodologies, products, and other initiatives in climate adaptation to further accelerate adaptation investment.
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