“We need more ambition, more action, more scale, greater urgency in delivering the 2030 Agenda and the Paris Agreement – and we certainly need more fuel, more financial resources & more investments," — Deputy Secretary-General @AminaJMohammed at the @BBridgesCH Summit in Geneva pic.twitter.com/QMMZMP1dOU
— UN Geneva (@UNGeneva) November 29, 2021
“I think Building Bridges, we have to do it between the population and the Government, we have to explain what we have to do,” he said. “Then we need bridges between the private sector and the Government and then I think we need bridges from Switzerland to the world.”
According to the summit’s organisers, between 2019 and 2020, sustainable investment rose by 31 per cent in Switzerland, to over 1,500 billion francs.
In addition to highlighting opportunities for investors and fund managers, it is hoped that the summit will contribute to creating an ordered and common approach to “net zero” financing, said Patrick Odier, President of Building Bridges initiative and chair of Lombard Odier bank.
“We are trying actually to bring capital closer to the whole array of the Sustainable Development Goals, i.e. to try to find not only bridges – but to be concrete – instruments, metrics, methodologies that allow capital not only to set targets in certain areas that are covered by the SDGs, but also to be measurable in terms of reaching all those targets that I have said. And this is where finance is at this very moment.”
Mr. Odier also responded to the call to end subsidies for fossil fuel industries to create a level playing field for renewable energy investment: “We all know that we have to deal with these issues of subsidies, but finance itself is not at the helm of addressing this issue,” he said. “What finance can do is basically ask the Government to play its role when it comes to trying to address the fossil industry and of course the emission problematic.”
Highlighting the convening ambition of the summit at Geneva’s Maison de la Paix, Deputy Secretary-General Mohammed listed the issues that she hoped the week-long summit might address.
“We need the private sector and its leadership to unlock resources for key transitions in sustainable energy and connectivity, food systems, health, education, social protection, digitalization.”
“Innovative instruments including blended finance can all play an important role, but we need to massively scale-up that delivery.”