Video transcript: Financing the climate transition

Transcript

So for me, the most important announcement made so far at this COP has been the very early announcement of the creation of the loss and damage fund. So whilst the commitments that we've seen made publicly fall short of what we think we're going to need, hopefully the early announcement can actually trigger to see further investment come into that fund.

I think the other really interesting commitment that's come through in the conversations that I've had one on one with my financial services clients, but also in a number of the events that I've attended actually has been the recognition and the commitment that public and private finance are going to need to work really closely together over the coming years to fund the transition challenges that are ahead of us.

I think for me the most surprising thing at this COP has been actually hearing financial services organisations ask for more regulation, which is really unusual amongst that set of organisations.

But I think what we have seen is a call on policymakers, regulators and governments to get together to create a more comprehensive, globally consistent policy framework that actually allows some of those financial organisations to make longer term risk free commitments, knowing that there's a consistency of approach globally.

I think given the commitments made around the desire to help fund thetransition, for me, the big thing is for those financial services organisations to go back from this COP and really challenge themselves around the product sets and the services that they're offering to their clients, and challenge themselves to create a greater number of more innovative solutions to help fund the transition.