Kicking off COP28 on 1 December, the GISD Alliance hosted a panel discussion at the SDG Pavilion on the private sector's role in ensuring a just transition and delivering on the SDGs. GISD representatives from the Johannesburg Stock Exchange (the moderator), Sintesa Group (GISD Alliance Co-Chair), CDPQ, Citi, and Bank of America participated in this session.
While emphasizing the private sector's commitment to contributing to these agendas, the session outlined the key risks - including currency, project, and political risks - that need to be addressed to mobilize additional private capital for sustainable development and climate action in emerging markets and developing economies. Speakers welcomed coordinated efforts and encouraged GISD to promote dialogue between the private sector, policymakers, and regulators, especially in the context of the UN's upcoming fourth International Conference on Financing for Development.
"The [UN's upcoming fourth International Conference on Financing for Development] will address emerging financing issues in the context of multilateral efforts to promote international development cooperation...The GISD Alliance will bring stakeholders together and form multi-stakeholder partnerships to continue this dialogue and work towards a concrete outcome that addresses some of the challenges discussed." Shinta Kamdani, CEO of Sintesa Group and Co-Chair of the GISD Alliance
On 5 December, the day after Finance Day at COP28, the GISD Alliance partnered with the CFO Coalition for the SDGs, the Global Compact, and the UN Sustainable Stock Exchanges Initiative on the SDG Investment Forum. Chair of GISD's Outreach and Engagement Working Group, Gavin Power (Chief of Sustainable Development and International Affairs, PIMCO), moderated a discussion between GISD representatives Juan Carlos Mora Uribe (CEO, Bancolombia), Habiba Al Mar'ashi (Chairperson, Emirates Environmental Group) and CFO Coalition members on the role of CFOs and investors in tackling the climate crisis and advancing the SDGs.
In addition, GISD Alliance representatives from Aviva and Citi participated in separate events focussed on nature finance. The first was a COP28 flagship event on nature and water finance for climate action. This high-level event brought together public and private, conventional, and innovative financiers to spotlight key efforts to mobilize finance at scale for water and nature, and to contribute to the delivery of the SDGs, the Paris Agreement, and the Biodiversity Framework. The second nature finance event was a panel discussion where speakers identified barriers to investments in nature-based solutions before proposing concrete interventions.
Ahead of COP28, the GISD Alliance also collaborated with other alliances, financial institutions, and industry stakeholders on two initiatives. First, GISD co-signed a joint Call to Action to heads of states, policymakers, and multilateral development bank (MDB) officials to scale private capital mobilization. Second, members of the GISD Alliance joined the Impact Disclosure Taskforce to scale financing of the SDGs.