COP28 highlights need for innovative climate finance solutions

In this episode of the ESG Insider podcast, we're on the ground at the UN's COP28 climate conference in Dubai covering the role the financial sector plays in addressing climate change. Finance is a cross-cutting theme on the COP28 agenda, and the week kicked off with a day dedicated to the topic. In today's episode, we sit down on the sidelines of the conference with Dame Susan Rice to talk about what needs to happen to close the climate finance gap. Dame Susan chairs the Global Steering Group of the Global Ethical Finance Initiative (GEFI), a nonprofit focused on working with the financial sector to deliver finance for the UN's Sustainable Development Goals (SDGs). Dame Susan is former Chief Executive and Chair of Lloyds TSB Scotland and former Managing Director of Lloyds Banking Group, as well as a former Non-Executive Director of the Bank of England. In the interview, Dame Susan talks about her hopes for COP28 outcomes and what needs to happen to get finance flowing to climate solutions. "I hear all the time there's a lot of money out there, but it can't actually get to the other side," she tells us. She says creative, hybrid solutions have a role to play. "A lot of this change is at the frontier — it's companies, organizations, governments doing changes which haven't been done before," Dame Susan says. "So if you're an investor, if you're a banker, you don't understand the risk, you can't monetize the risk, and you become cautious and don't put the money in. So what I would love to see is really creative but sound, prudent finance." Listen to more episodes covering COP28: Optimism, hope for progress palpable at COP28: https://www.spglobal.com/esg/podcasts/tetris-pioneer-turned-environmentalist-talks-climate-optimism-at-cop28 At COP28, solving for water challenges through public-private collaboration: https://www.spglobal.com/esg/podcasts/at-cop28-solving-for-water-challenges-through-public-private-collaboration As COP28 kicks off, talking climate finance with the Green Climate Fund: https://www.spglobal.com/esg/podcasts/as-cop28-kicks-off-talking-climate-finance-with-the-green-climate-fund For more information on COP28 developments, see news from S&P Global Commodity Insights here: https://www.spglobal.com/commodityinsights/en/market-insights/topics/cop28-un-climate-change-conference Read the COP28 Special Edition of the S&P Global Sustainability Quarterly for research and insights on key themes that in focus in Dubai here: https://www.spglobal.com/esg/insights/featured/sustainability-journal/cop28-sustainability-quarterly-page This piece was published by S&P Global Sustainable1, a part of S&P Global. Copyright ©2023 by S&P Global DISCLAIMER By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.