The world’s top bankers and investors mostly stayed away from last year’s United Nations climate conference in the Egyptian resort town of Sharm El-Sheikh. But holding December’s COP28 meeting in Dubai, one of the world’s major financial centers, pretty much guarantees they’ll make a much bigger showing.
The return of bankers will create a big opportunity to talk up their efforts to help finance a quicker transition to green energy, one of the host nation’s key objectives, and earn some goodwill from a public increasingly skeptical of lofty promises that green bonds and sustainable investing can truly help the planet.
Although the finance industry is likely to tout new instruments meant to channel funds into the green transition at COP28, the question will be how much money it’s truly committing, says Irena Spazzapan, a former Goldman Sachs Group Inc. commodities banker who now runs Systemiq Capital, a climate-focused venture capital fund.
A COP28 spokesperson said in an email that organizers are “working with the Group of 20 High-Level Expert group on a joint declaration by political and business leaders on a set of principles for and commitments to accelerate a new finance framework.” They are also collaborating with GFANZ, the International Monetary Fund and the World Bank to “unlock the power of the capital markets and incentivize capital and finance at multiple levels.
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