COP28 Side Event: Climate Resilient Fiscal Planning

The adverse impacts of climate change on human and natural systems will continue to intensify under observed and projected climate scenarios. Despite progress, adaptation gaps exist, and will continue to grow at current rates of implementation. Most adaptation responses are fragmented and incremental. There is a rapidly narrowing window of opportunity to enable climate resilient development. There is a need to invest in adaptation that will enable system transition and transformation (IPCC, AR6). The adaptation finance needed to implement domestic adaptation priorities is estimated at US$387 billion per year. Current flows of adaptation finance stand at US$63 billion. In recognition of the financing gap, the Paris Goal on Finance identifies the need to not only ‘scale-up billions of financial flows for adaptation, but to fundamentally align the trillions of public and private financial flows and investment with adaptation and resilience’. Central Finance Agencies play a key role in mobilizing and allocating public and private finance for investment in adaptation. At COP27 the Coalition of Finance Ministers released a report on Climate Change Adaptation and Role of the Coalition of Finance Ministers for Climate Action to guide the Coalition’s work on adaptation – including use of economic and fiscal instruments to align finance with investment in climate adaptation. ADB is supporting developing member countries (DMCs) to strengthen fiscal systems to scale-up and align finance with investment in climate adaptation.

Objectives

The side event at COP28 will provide a platform for Finance Ministers representing countries in Asia and the Pacific to share and identify actions to scale-up and align finance with investment in adaptation and resilience.

Agenda

Time	Session	Speakers
1:00 – 1:15 p.m.	Opening Remarks and Report Launch	Masatsugu Asakawa, President, ADB Henry Musasizi (Member of Parliament), Minister of State for Finance Planning and Economic Development, Government of Uganda
1:15 – 1:30 p.m.	Fiscal Policy for Enhancing Fiscal Space and Attracting Private Capital for Climate Adaptation and Resilience	ADB
1:30 – 2:15 p.m.	High-Level Panel Discussion: Fiscal policy to scale-up adaptation finance in Asia and the Pacific	Facilitator: Bruno Carrasco, Director General, ADB Panelists: Ratu Nemia Navuwai Dawai, Head of Treasury (seconded to the World Bank), Ministry of Finance, Government of Fiji Chandni Raina, Economic Adviser, Climate Change Finance Unit, Department of Economic Affairs, Ministry of Finance, Government of India Boby Wahyu Hernawan, Director of Center for Climate Finance and Multilateral Policy, Ministry of Finance, Government of Indonesia Maria Luwalhati C. Dorotan Tiuseco, Undersecretary, Ministry of Finance, Government of Philippines
2:15 – 2:22 p.m.	Concluding Remarks: Future Work under Coalition Adaptation Workstream	Dr. Sam Mugume Koojo, Assistant Commissioner (Statistics), Macroeconomic Policy Department, Ministry of Finance, Planning and Economic Development, Government of Uganda Laura Aguirre Téllez, Director General, Ministry of Finance and Public Credit, Government of Mexico
2:22 – 2:30 p.m.	Concluding Remarks: Future of ADB Support to DMCs in Asia and Pacific for Climate Resilient Fiscal Planning	Tariq Niazi, Senior Director, ADB

Event partners / organizers

Coalition of Finance Ministers for Climate Action

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