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14 September 2024

Blending Public and Private Financing for a Just Transition

As part of the One Planet Network Forum 2024, on 12-13 September in Rio de Janeiro, the Partnership for Action on Green Economy (PAGE) and the UNEP Finance Initiative (UNEP FI) co-hosted the thematic session “Blend the Gap: Public and Private Financing for a Just Transition to Sustainable Consumption and Production,” which emphasized the role of financial institutions, policymakers, and private investors in addressing the global funding gap for sustainability initiatives.

Moderated by  Elisa Tonda, Chief of Resources and Markets Branch, UNEP, the session brought together Dr. Cristina Reis, Subsecretary of Sustainable Finance, Ministry of Finance, Brazil, Fabio Alperowitch, Impact Investor, FAMA re.capital Founder, Davinah Milenge, Principal Programme Coordinator, African Development Bank, Beatriz Luz, Founder and CEO, Exchange4Change Brazil, Luciana Fontes de Meira, Programme Management Officer, UNEP, Economic and Trade Policy Unit and PAGE Technical Team Member and Joana Pedro, UNEP Finance Initiative.

Achieving a just transition requires redirecting capital from exploitation to regenerative economies, prioritizing long-term equity over short-term profit.

Fabio Alperowitch, Impact Investor and founder of FAMA re.capital

Knowledge integration and new partnership models are the core element to promote circularity.

Beatriz Luz, Found of E4CB and Head of the Brazilian Circular Economy Hub

Ms. Luciana Fontes de Meira, Programme Management Officer, UNEP, Economic and Trade Policy Unit and Technical Team Member of Partnership for Action on Green Economy, delivered a lightning talk on public finance strategies for attracting private sector investments. Her presentation underscored the critical need for integrating sustainability into financial strategies from both public and private sectors, stating that “integrating circularity and sustainability into our financial strategies is no longer optional.” She emphasized that global resource use has tripled over the past 50 years and is projected to rise by 60% by 2060.

In Brazil, this challenge is exacerbated by severe climate change impacts, including 113 days without rain, rampant wildfires, and severe floods. Despite these risks, governments continue to spend heavily on less sustainable activities, further complicating the path to a just transition.

Over the past decade, PAGE has worked with many countries including Brazil to reframe economic policies and helped to create the environment where private sectors can try and scale innovative solutions for financing for nature and climate.

Luciana Fontes de Meira, Programme Officer, Economic and Trade Policy Unit, UNEP - square
Luciana Fontes de Meira, Programme Officer, Economic and Trade Policy Unit, UNEP

Joana Pedro from UNEP FI presented the “Just Transition Finance: Pathways for Banking and Insurance” report, which details crucial elements, emerging practices and examples, on how financial institutions can promote a just transition to low carbon, climate-resilient economies.

She emphasized the enabling role of financial institutions in ensuring that the transition to low-carbon economies, as well as the transition to Sustainable Consumption and Production, is equitable and inclusive. She also strengthened the need for financial institutions to effectively engage with their clients, supporting their transition to a more sustainable future, the importance of governments on ensuring an enabling environment, and the need for all to partner and collaborate.

Joana announced plans to adapt this report for Latin America, with a launch set for COP30 in Belem, Brazil, in 2024. This regional report will provide practical solutions for financial institutions in the Latin America and the Carabeen region that are looking to facilitate and support a just transition. This will include a revision of the regional regulatory framework, and main transition risks, and the creation of case studies and policy recommendations.

About the co-organisers

About UNEP-FI

UNEP Finance Initiative brings together a large network of banks, insurers and investors that catalyses action across the financial system to deliver more sustainable global economies. Founded in 1992, UNEP FI was the first organisation to engage the finance sector on sustainability and incubated the Principles for Responsible Investment, now the world’s leading proponent of responsible investment.

About PAGE

In line with its new Strategy, PAGE is strengthening its presence at high-level events, conferences, and workshops involving current and future PAGE countries to build networks and global platforms to exchange experiences and information. Since 2013, the Partnership for Action on Green Economy (PAGE) has become a prominent alliance of five UN agencies – UNEP, ILO, UNDP, UNIDO and UNITAR– funding partners, and 22 partner countries that work together to transform economies into drivers of sustainability.

About One Planet Network

The One Planet Network (OPN) Forum is a platform for cooperation and thought leadership – convened this year with the Government of Brazil during the G20 – to accelerate the implementation of the Global Strategy on Sustainable Consumption and Production and SDG12. Co-hosted by the Government of Brazil and the City of Rio de Janeiro, the OPN Forum, situated within the framework of Brazil’s Presidency of the G-20 process, will explore concrete solutions for reducing inequalities and achieving just transitions for all through sustainable consumption and production, including through circular economy. By convening a select group of global decision-makers, leading businesses and international organizations leaders, this dynamic 2-day event featured high-level roundtables, plenary and thematic sessions, a Ministerial dialogue and an exhibition space aimed at showcasing concrete circular economy solutions that drive sustainable consumption and production patterns.

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