High-Level Working Dialogue
Washington, DC — 18 April 2018
Building on December’s post-Summit Working Dialogue on Resilience Intel, we are convening a high-level working dialogue, the week of the Spring Meetings of the World Bank and the International Monetary Fund, to focus on action steps for tracking and reporting economy-wide resilience intelligence. Participants will discuss:
- technical challenges and solutions for establishing the climate-smart finance aggregator,
- how to achieve a coherent, yet evolving core methodology able to adapt to critical innovations and to new market dynamics,
- what indicators finance ministries can use to track unaccounted macro-critical value across their home-market economies, and
- next steps for integrating and mapping both high-level and community-level resilience intelligence indicators.
The overall purpose of this dialogue is to establish the starting point for discussions with finance ministries — through the CAPE partnership, the UNFCCC negotiations, and the G20 and V20 processes — about aligning overall fiscal and economic policies with macrocritical resilience imperatives. Throughout 2018, we will be working to build the foundations for shared roadmaps for building resilience intelligence at all levels.
The Paris Dialogue
The Working Dialogue we co-convened in Paris, the day after the One Planet Summit was opened by Morocco’s Ambassador to France Chakib Benmoussa. Amb. Benmoussa re-affirmed Morocco’s firm commitment to long-term engagement to build on the COP22 Presidency’s efforts to lead the much-needed work of scaling-up climate finance.
Ms. Nezha Hayat, Chairperson and CEO of the Moroccan Capital Markets Authority (AMMC), and Vice-President of the IOSCO’s Africa / Middle East Regional Committee, recalled the urgency to act to enable a fully integrated climate-smart financial ecosystem across different countries and regions. She highlighted the Marrakech Pledge for Fostering Capital Markets in Africa, launched in Marrakech during COP22, now endorsed by 21 African capital markets regulators and exchanges, and emphasized Morocco’s strong commitment to:
move rapidly in the implementation of its national roadmap to align financial systems to climate resilience and sustainable development requirements adopted in Marrakech during COP22, and the issue of adequate financial regulation and the promotion of new financial instruments such as green bonds.
Participants took note of the need to not only integrate quantitative and qualitative analyses, but also to ensure smart, evolving, interactive contextual information helps to shape Resilience Intel integrated data outputs. Ensuring locally rooted, human-scale need, skill and opportunity are part of the landscape of value assessment is critical.
The climate-smart finance aggregating methodology of Resilience Intel must remain agnostic about the optimal rate of growth in green finance. But a critical element in the Resilience Intel mission will be to inform, track, and accelerate the expansion of the volume of climate-smart finance in circulation.
These platforms, venues, roadmaps, and action plans are starting points for building out a global interactive map of climate-smart spending in all sectors:
- The COP22 Climate Finance Pathway
- The Climate Action Peer Exchange (CAPE)
- The Climate Bonds Initiative
- IFC Sustainable Banking Network
- Insuresilience Global Partnership
- The Sustainable Stock Exchanges Initiative (SSE)
- The Task Force on Climate-related Financial Disclosure
- The UN Environment Finance Initiative (UNEP-FI)
There are many more coalitions and networks to be added, but these are a strong starting point. A coordinated look at interactive resilience intelligence metrics — including green bonds in circulation, infrastructure investment opportunity, carbon risk and reporting, adaptation metrics, and enabling policies — will help to map clear pathways to $1 trillion or more in green bonds by 2020 and a rapid acceleration of climate-related finance and spending in all sectors.
In this dialogue, we will deal with critical questions of how to integrate disparate data categories from across this wide array of value considerations.
Partners and practitioners looking to foster an open, high-resolution information-sharing ecosystem for mapping resilience intelligence are investigating new technologies that can assist in the decentralization of real-world leverage for local value-building. Some partners have joined the Climate Chain Coalition, which is investigating and sharing best practices for ensuring distributed ledger technologies (DLT/Blockchain) can be deployed to:
- reduce fraud,
- improve supply-chain mapping,
- empower small-budget innovators,
- facilitate smart-contracts for local energy exchange,
- decentralize financial flows, and
- accelerate climate-smart investment.
Apart from technological innovation, the process of discerning the climate intelligence of any given investment or expenditure requires consideration of new financial instruments designed to ensure verifiable climate-aligned investment flows. For this reason, we are working to build in coherent evaluation of green bonds, blue economy strategies, and diverse forms of funding for resilience-building generally. Participants are invited to bring both questions and lessons learned to the table.
The high-level climate and energy Dialogue series Accelerating Progress, Advancing Innovation is co-convened by Citizens’ Climate Education and the International Centre for Dialogue and Peacebuilding, in collaboration with the Norwegian Nobel Institute. The Geoversiv Foundation provides technical support for Resilience Intel.