President of the District of Nouakchott calling for the localization of Climate Finance

Innovate4Climate Summit – Barcelona, Spain
22-25 May
Mrs Maty Mint Hamady, President of Nouakchott District, Mauritania, and Vice-President of FMDV, represented the organization, and the CCFLA, during the Summit “Innovate4Climate”, co-organized in Barcelona by the World Bank, Fira de Barcelona, Climate Action & IETA.

This first edition of the event intended to build a common space between governments, businesses, banking and finance leaders to shape the next generation of climate finance and policy instruments, and unlock the trillions required for implementing global agreements addressing climate change.

1,501 attendees and 350 speakers from 82 countries exchanged on actionable solutions to channel the right funding and financing to support investments supply matching the demand and needs.

President Hamady spoke during the Finance Day (May, 24th), in the plenary session “Unlocking the next wave of investors”.
She reminded the audience and other speakers of the two reference frameworks that local and regional governments have globally recognized:

– the Cities Climate Finance Leadership Alliance – CCFLA, as a reference multi-stakeholder  coalition buiding cooperation to mobilize and localize engineering, together with sustainable funding and financing flows; and

– the Marrakech Roadmap for Action to Localize Climate Finance, adopted in Marrakech during COP22. She reiterated that its recommendations constitute a framework for partnerships, joint action and co-benefits, inviting public and private investors to come and work with the Cities and Regions of the World for the implementation and the financing of the Paris Agreement at the level of action: the local level !

She insited that to fill the funding gap, it is therefore imperative to mobilize new sources of financing, in particular via:

1/ a massification of the Climate Finance allocated to the territories and their infrastructures, in particular for adaptation via :
* Smart Financial Intermediaries, such as the use of municipal development funds, and
* Climate credit lines deployed by domestic commercial banks targeting local and regional governments;

2/ but also new partnership formats framing private investment for the financing of local sustainable development projects, via the multiplication of “fit-for-local-purpose” project preparation facilities, and domestic Hubs of Financial Expertise (FinHubs) for Subnational empowerment, action and implementation. 

Finally she pleaded for a strong focus and real committment to work on adaptation financing, Nouakchott being one of the 5th cities in Africa put at major risk with the raising of sea levels and desertification.

The city of Frankfurt will host next year’s Innovate4Climate in its second edition.

See the website of the Summit for outcomes and videos:
http://www.innovate4climate.com/en/about