ISTANBUL, Nov 9-10 - Ahead of COP29, the Parliamentarians for Climate Finance project was launched during the recent Green Investment Dialogue held in Istanbul on and convened by the Climate Parliament and UNIDO. Supported by the Green Climate Fund (GCF), the project helps to raise awareness among politicians of climate change threats and the economic opportunities that climate action offers at the national level. It will also support the incorporation of climate finance into national planning and policymaking. The initial group of participating countries includes Botswana, Cote d'Ivoire, Djibouti, Ghana, Guinea, Kenya, Nigeria, Rwanda, Senegal, Sierra Leone, The Seychelles, Tanzania, Uganda, Zambia and Zimbabwe.

At the heart of the project is a series of Green Investment Dialogues, such as that held in Istanbul, to be held in each participating country involving parliamentarians, public and private investors, guarantors ministers and regulators. A major focus of these discussions will be creating Green Zones in solar and wind-rich areas which will act as hubs for regional grids, and development zones for industries using green hydrogen - such as green steel, cement or fertilizer.

Discussions centred on the urgency of scaling up climate finance for the global energy transition, practical strategies for unlocking funds, the need for a collective cross-border and cross-party efforts to develop robust policy and legal frameworks to attract green investment, as well as reflections on the critical role of legislators in addressing the climate crisis.

A key focus of the Dialogue was on the creation of Green Zones in each participating country. Green Zones offer countries opportunity to compete for green investment and build low-carbon infrastructure for the future, without needing to revise a wide range of national laws and regulations.

In the closing session, Members of Parliament (MPs), Congress and Senate from 32 nations committed to support the COP29 Legislators' Green Energy Pledge — published on Energy Day at COP29. The signatories include many of the African nations at the centre of the Parliamentarians for Climate Finance project, alongside representatives from other countries across Africa, Asia, Europe, Latin America and North America.

Rebecca Yei Kamarra, Member of Parliament, Sierra Leone: “We must never forget the people we represent. We need to find a way for Green Zones to benefit both investors and local communities. With a well-founded approach, it can be a win-win situation."

Sergio Missana, Secretary-General, Climate Parliament: “Political will is vital to the success of the climate mission. We know that there is already a massive shortfall in the investment required to meet global 2050 net-zero emissions targets, and bridging the gap is beyond the capacity of governments alone. New sources of public funding and private sector investment must be catalyzed to deliver, and leverage the opportunity of, the energy transition. But investment will only be unlocked at the required scale with the right political will, legislative agenda and supportive regulatory frameworks in place.”

Ciyong Zou, Deputy to the Director General, UNIDO: “Public finance alone will not allow us to meet the 1.5°C target. To bridge the funding gap, we need private capital. However, for private investors to engage, there must be market stability, clear policies and simplified procedures. Public climate finance accounts for most adaptation funding, with private sector contributions remaining minimal.”