As prepared for delivery
Good morning, everyone and thank you for joining us today. On behalf of the World Bank, I would like to welcome you to Innovate4Climate 2024.
Heartfelt thanks to the governments of Germany and Spain for being our gracious hosts this year for I4C.
This year’s theme is about advancing carbon pricing and fostering carbon markets for a livable planet.
Over the next few days, we will engage in critical and dynamic discussions about how we can enhance carbon markets and carbon pricing to be more effective and impactful.
Now more than ever, we need to act urgently to secure a sustainable future for generations to come.
We have all seen the news of record-breaking temperatures, deadly heatwaves, droughts. We don’t need to be reminded. We can talk about the earth warming to record temperatures every year. We know there is an urgency to act.
We want to leave no stone unturned in the search for more financing and greater impact on climate.
While the climate crisis is escalating, there are solutions out there, including investments, policies, and development pathways that can make a significant difference.
Carbon pricing is one of the most powerful tools available to policymakers to incentivize least-cost emissions reductions and support low emissions growth.
A decade ago, carbon pricing policies covered only 7% of global emissions. Today, they cover nearly a quarter. In 2023, carbon pricing revenues reached a record $104 billion.
These figures are promising, but to unlock the full potential of carbon pricing, we need to increase both the pricing levels and coverage while addressing the impacts on vulnerable populations.
Carbon markets also hold tremendous potential for advancing and financing global climate action.
Their success depends on being trustworthy, transparent, delivering real emission reductions while directing much-needed finance to communities and countries most affected by climate change.
And while they offer real potential, carbon markets have suffered many setbacks.
This shouldn’t be a surprise. There is some confusion, lack of clear signals, lack of enforcement, and markets are responding accordingly. So we need to work better on this side – regulatory enforcement.
We would like to see what kind of role the Bank can usefully play in making these carbon markets better functioning generators of billions of dollars for climate financing.
How can we get a more ambitious framework that ensures much more money coming from these markets? We know that this isn’t easy; we also know success is not guaranteed.
At the World Bank, we recognize this potential.
At COP28, we launched a Carbon Markets Engagement Roadmap to work with partners across the carbon market ecosystem to boost market integrity build in-country capacity support scaling of carbon markets.
I4C showcases the best of WBG’s knowledge work - not just cutting-edge analytics data but demonstrating how this information is channeled for impact.
For example our analytical work on carbon pricing helps us support over 30 countries establishing domestic mechanisms preparing next generation international through Partnership Market Implementation.
Our efforts strengthening crucial part ASCENT program aims deliver electricity 100 million people over 20 Eastern Southern Africa deploying $5 billion leveraging innovative options aim raise additional $10 billion.
Last year World Bank delivered [$42 billion] supporting countries acting climate doubling past four years committed going further faster.
But definitively tackle crisis all hands deck: governments private sector civil society society at large.
This why valuable convening diverse network practitioners policymakers creating platform meaningful dialogue collaboration insights drive effective solutions.
Invaluable lessons new Group’s Academy proud facilitate empowering collaborate effectively.
World privileged host event engaging collectively toward sustainable equitable future.
Thank you look forward successful I4C 2024
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