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Digital Innovation as an Enabler of Climate Action Finance: harnessing emerging technologies for enhanced access to finance for climate action

5 speakers

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Digital tools are exponentially transforming the global landscape of financing climate action. This panel will discuss a number of highly relevant, interconnected topics related to data and digital innovation structure, multi stakeholder collaboration on digitalization, green finance, and bond markets. Addressing how digital finance tools can facilitate cities’ access to funds, including funds for recovery from the COVID-19 pandemic will also be highlighted. In addition, smart standards and digital innovation infrastructure, along with why they should be considered prerequisites for financing climate action in innovative ways will be explored in this panel. Due to its development of smart standards, which make finance accessible to climate action, digital monitoring, verification, and reporting (MRV) is another topic that will be discussed in this panel. Its future poses an exciting opportunity as it harbors the potential to build trust in data which in turn helps to ensure that resources are invested in increasing sustainability. In addition, the overall carbon footprint is lower than that of the traditional MRV process. Another highlighted topic will concern how Blockchain technology (BCT) is offering new and innovative ways for climate financing. The session will showcase tested initiatives on digital community currencies that encourage communities to invest in local enterprises, while making investments more attractive and accessible. Moreover, the session will outline how digital finance tools can help small and medium sized cities to develop more bankable/financeable projects. This is extremely relevant as the UN’s Inter-Agency Task Force on Financing for Development (IATF) concluded that “mobilizing sufficient finance remains a major challenge in implementing the 2030 Agenda for Sustainable Development.” The digitalization of financial tools can give local governments unprecedented accuracy when analyzing the potential impact of an initiative which allows city leaders to make more informed decisions. The panel, which is co-organized by ICLEI Local Governments for Sustainability (World Secretariat), Climate Change Coalition, Evercity, Open Earth Foundation, Social Alpha Foundation, and International Association for the Advancement of Innovative Approaches to Global Challenges (IAAI) will be composed of global experts conducting research and designing real-world projects on the linkage between digitalization and finance.