The Icons
  • SDG
  • ESG
  • Leadership
  • Business
  • World
  • Health
  • Succession
  • Innovation
  • More
    • Women
    • Entertainment
    • Academic
    • Culture
    • Lastest
    • Lifestyle
    • Tech
    • Opinion
    • About《The Icons》
  • Chinese 中文
Login
No Result
View All Result
The Icons
No Result
View All Result
Home ESG

COP29 Leaders|Special Advisor on Climate Change Avinash Persaud: Unlocking the Climate Finance Gridlock Through Multilateral Development Banks

Emily Woods by Emily Woods
November 29, 2024
Special Advisor on Climate Change Avinash Persaud. (Photography: IPPR)

Special Advisor on Climate Change Avinash Persaud. (Photography: IPPR)

In the Paris Agreement, developed countries committed to mobilising $100 billion annually by 2020 to support developing nations in addressing climate change. While this target was finally reached in 2022, it remains far short of what is required to meet the global climate financing needs. With the intensifying impacts of climate change, the financial demand continues to rise. The United Nations Conference on Trade and Development estimates that by 2030, developing countries will require approximately $1.8 trillion annually in climate finance.

You might also like

BCCTaipei Better Business Awards: The True Measure of a Company Lies Not in Its Size, but in Whom It Influences and What It Leaves Behind!

TENG SHU-LAN, Director of HUAYEN, LUNG YEN Authorized Distributor: When You Learn to Make Peace, You Can Take the Helm of Your Own Life!

Euro–Asia Collaboration on Sustainability: Redefining the Global Order

At COP29 in Baku, Azerbaijan, the international community will engage in negotiations on the new Collective Quantified Climate Finance Goal (NCQG). Special advisor on climate change Avinash Persaud pointed out, “Multilateral Development Banks (MDBs) are key to breaking the deadlock and scaling up climate finance. Through their AAA credit ratings, they can effectively leverage capital and amplify the impact of climate funds.”

Expanding Climate Finance Through Multilateral Development Banks

Currently, MDBs account for around half of the existing $100 billion in climate finance, thanks to their ability to mobilise capital through leverage. Persaud explains, “MDB capital acts as loss-absorbing finance, enabling these institutions to raise funds at low costs from the market and support large-scale climate projects.” With a $20 billion annual contribution from developed-country shareholders, MDBs could mobilise up to $180 billion in long-term loans for developing nations each year. When combined with private-sector co-financing, the total could approach $300 billion annually.

This approach is particularly vital for climate-vulnerable countries. Persaud highlights, “By providing long-term, low-cost financing, MDBs can help the most climate-affected nations invest in resilience, reducing risks over time.” These funds are essential for Small Island Developing States (SIDS) and Least Developed Countries (LDCs), which often face significant barriers to accessing adequate financing for climate action.

Addressing Adaptation and Loss & Damage Financing Challenges

“Currently, 75% of MDB climate financing is allocated to mitigation projects, with only 25% directed toward adaptation,” Persaud points out. He advocates for a clear financing target that ensures a 50:50 split between mitigation and adaptation, especially for climate-vulnerable countries. Such a shift would help close the substantial adaptation financing gap.

As for Loss and Damage financing, which requires grants rather than loans, Persaud notes that it lies beyond the current scope of MDBs. He suggests integrating innovative financial mechanisms, such as global tax justice initiatives or reallocating Special Drawing Rights (SDRs), to address this pressing need.

To achieve an ambitious NCQG, Persaud urges developed-country shareholders to take greater responsibility while ensuring that developing nations perceive the financing opportunities as fair and accessible. He believes the United Nations Framework Convention on Climate Change (UNFCCC) should send a strong signal through the NCQG to support MDB participation. This could include embedding long-term, low-cost financing mechanisms within the NCQG framework, allowing MDBs to fulfil their potential as a bridge to more sustainable and inclusive financing for developing countries.

“The success of COP29 depends on countries demonstrating genuine commitment. If they do, we can build a more effective climate finance system and elevate global climate action to new heights,” Persaud concludes.

Recommend for more:

COP29 Leaders|Race to Resilience Global Ambassador Sheela Patel: Transforming Invisible Lives to Resilient Futures

COP29 leaders|UN Climate Change High-Level Champion H.E. Razan Al Mubarak: Nature is Not Ornamental, But Fundamental

Tags: Avinash PersaudClimate ChangeCOP LeadersCOP29esgSDGsSustainability
ShareShareTweet
Emily Woods

Emily Woods

Emily Woods, University of Oxford, BA in Philosophy, Politics, and Economics. Senior writer at 《The Icons》. Focuses on exploring global political trends and ethical issues. When not writing, I enjoy hiking in the Cotswolds and volunteering at animal shelters. Love Chinese movies and cultures! Hoping to visit China again!

Recommended For You

From top to bottom, left to right: Saxon Chen, Co-founder and CEO of H2U Corporation (Photo: Tatler Asia); Cheng-Hung Chen, Chairman of Heng Leong Hang Co., Ltd. (Photo: Manager Today); Fu-Sheng Liao, Chairman of J&V Energy Technology (Photo: J&V Energy); James Hsiao, Senior General Manager of Medtronic Taiwan and Hong Kong (Photo: AmCham Taiwan); King Hsin-I, Founder of buydirectlyfromfarmers (Photo: 104); Ali Ying-Che Hsieh, President of the Cambridge University Taiwan Alumni Association (Photo: Manager Today); Paul Lin, CEO of Poseidon Global Industries (Photo: Poseidon Global); Terence Ong, Managing Director of Pernod Ricard Taiwan (Photo: WSD); Ho-Cheng Yao, General Manager of Long Life Trading (Photo: Japan Whisky); and Vicki Wu, Executive Director of the British Chamber of Commerce in Taipei (Photo: Vicki Wu).

BCCTaipei Better Business Awards: The True Measure of a Company Lies Not in Its Size, but in Whom It Influences and What It Leaves Behind!

by Gary Kung
October 23, 2025

...

TENG SHU-LAN, Director of HUAYEN, LUNG YEN Authorized Distributor. (Photo: HUAYEN, LUNG YEN Authorized Distributor)

TENG SHU-LAN, Director of HUAYEN, LUNG YEN Authorized Distributor: When You Learn to Make Peace, You Can Take the Helm of Your Own Life!

by Nelson Tseng 曾竣賢
October 21, 2025

...

From left: Sam Laakkonen, Senior Director at the Cambridge Institute for Sustainability Leadership (CISL); Dr Mei-Yu Chang, Director of the International Affairs Office at Taiwan’s National Institutes of Applied Research (NIAR); and Professor Radek Holý, Director of the Advanced Chip Design Research Centre, Czechia. (Photography: The Icons)

Euro–Asia Collaboration on Sustainability: Redefining the Global Order

by Isabelle Leclerc
October 13, 2025

...

United Nations Secretary-General António Guterres (Photo: Club de Madrid)

COP30 Leaders|United Nations Secretary-General António Guterres: COP30 Marks a Critical Moment for Humanity

by Kawin Lee
October 10, 2025

...

Dr. Kuang-Cheng Chang, CEO of Renew Clinic. (Photo: Renew Clinic)

Dr. Kuang-Cheng Chang, CEO of Renew Clinic: Only Persistence Can Truly Honour Every Scar

by Gary Kung
October 4, 2025

...

Next Post
2024 Global Youth Leadership Programme. (Photography: Social Impact Investment Foundation)

The Icons Asia Pacific Marketing Manager, Gary Kung: The New Generation of Sustainability Education Should Start with Media

Top Views

The Ageless Idol Jimmy Lin (Photography: Jimmy Studio)

The Ageless Jimmy Lin: Awakening Social Awareness and Sustainable Thinking with “Gentle Out of Control”

August 15, 2024
NVIDIA CEO Jensen Huang(Photography: BusinessToday)

NVIDIA CEO Jensen Huang: AI and Sustainability Dual Engines Driving a New Era

July 2, 2024
Dr. Hsu-Wei Fang, Founder of Biotegy Corporation. (Photo: Biotegy Corporation)

Dr. Hsu-Wei Fang, Founder of Biotegy Corporation: Medical Technology Will Be Taiwan’s Next International Calling Card

September 9, 2025
Kecia Steelman, CEO of Ulta Beauty. (Photography: WWD)

Kecia Steelman, CEO of Ulta Beauty: The Future of Beauty Is Not Just a Trend, but a Responsibility and a Call to Action

April 3, 2025
Kate Wylie, CHANEL's Chief Sustainability Officer. (Photography: CHANEL)

Vision and Commitment to Sustainable Development! CHANEL Chief Sustainability Officer, Kate Wylie: Climate Change is No Longer a Future Problem but a Present Reality We Must Face

September 30, 2024
Madhur Jain, Co-founder and CEO of Varaha. (Photography: Varaha)

Madhur Jain, CEO of Varaha: Planting Seeds of Change by Paying Farmers to Heal the Earth

June 25, 2025

The Icons

  • About 《The Icons》
  • Privacy Policy
  • Terms of Use
  • Women

CATEGORIES

SDG Business Succession Academic Lifestyle
ESG World Innovation Culture Tech
Leadership Health Entertainment Latest Opinion

Contact us

Email: hello@theicons.net

   

© 2025 THE ICONS COLLECTIVE LTD. All Rights Reserved.

Sign in or create your account
OR USE
Please wait. Signing you in...
Forgot Password?
Signin with another account
OR USE
Please wait. Signing you in...
Already have an account? Login.
OR USE
Please wait. Signing you in...
Enter your email address or username to continue.
No Result
View All Result
  • Chinese 中文
  • SDG
  • ESG
  • Leadership
  • Business
  • World
  • Health
  • Succession
  • Innovation
  • Entertainment
  • Academic
  • Culture
  • Lastest
  • Lifestyle
  • Tech
  • Opinion
  • About《The Icons》
  • Login

© 2025 THE ICONS COLLECTIVE LTD. All Rights Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?