Mobilization of financial resources with private sector engagement is an important issue for policy makers in Asia-Pacific as being emphasized persistently in Asia-Pacific regional forums on energy and climate change. This was one of the priority items for UN SG’s Climate Action Summit 2019, unprecedented for accelerating energy transition and transforming the industries towards low carbon economy. The outcome statement of Asia Pacific Climate Week 2017 stressed on the importance of private sector investments in leveraging climate finance – through de-risking and credit enhancement.
Seventy-nine (79%) of Nationally Determined Contributions (NDCs) in Asia-Pacific identify technology transfer and specific technology needs as priorities. Since 2015, there has been a surge in climate finance investments, particularly coming from the private sector – brought about by maturing renewable energy technologies that now requires less public investment to attract private capital. As reported by IRENA, more than 150 billion USD of investments made in Asia Pacific during 2015 and 2016 on renewable energy technologies.
Private sector engagements and related investments aligned to the climate technologies are rising rapidly but still represent a small part of the picture. As reported by UNESCAP, Asia Pacific needs additional financial resources of about 191 billion USD per year to invest in renewable energy and improving energy efficiency. Mobilization of such huge additional financial resources require a concentrated effort for leveraging the private sector driven by technology and innovation.
To foster private sector engagement for accelerating clean energy transformation in Asia Pacific. the Climate Technology Centre and Network with support from the European Commission, is pleased to announce the first Private Sector Matchmaking Event for CTCN National Designated Entities (NDEs) in Asia Pacific, regional partners, Network Members and private sector comprising the climate technology solution providers. The event builds on the successes of the matchmaking events organized by Enterprise Europe Network (EEN) and will include an online profile and meeting brokering element along with in-session workshops which will be held at the margins of G-STIC 2019 at Brussels, Belgium on 20 and 21 November 2019.
A Deep Dive workshop on Accelerating clean energy transformation in partnership with the private sector was held by CTCN during the Asia Clean Energy Forum 2019 on 17th June 2019 as a prelude to this match making event. It was noted through the discussion in the workshop that lack of awareness amongst the policy makers on climate technologies and innovations, lack of scale and sustainable incentive mechanisms for SMEs are some of the major reasons impeding the private sector engagement in Asia Pacific. It is envisaged that this matchmaking will be an important step towards overcoming these challenges to foster private sector involvement.
About the Climate Technology Centre and Network
The Climate Technology Centre and Network (CTCN), as the operational arm of the technology mechanism under the UN Climate Change Convention (UNFCCC), is mandated to support business opportunities, investments and innovation in climate mitigation and adaptation technologies. In adopting the Technology Framework Parties to the UNFCCC tasked the CTCN with, among others:
- Supporting countries in the development, deployment and dissemination of existing innovative technologies and the scale-up and diffusion of emerging climate technologies;
- Building partnerships between the public and private sector in the development and transfer of climate technologies; and
- Increasing capacity for private and public sectors to fully realize the development and transfer of climate technologies.
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