Q&A
NDF at COP28 – Questions and Answers
What is the COP process about?
The two-week COP conference is a landmark event for global negotiations on action against climate change. COPs have been organised yearly since 1995, convening all signatories of the United Nations Framework Convention on Climate Change (UNFCCC). The various events organised as part of the conference bring together a diverse group of actors working for climate solutions, such as non-governmental organisations, researchers, activists, and private sector actors.
This year’s conference is organised in Dubai, United Arab Emirates, from 30 November to 12 December. The conference is an important event for identifying solutions and forging partnerships for climate action. NDF believes that by working together with our partners, we can catalyse the most impact from our financing at the nexus of climate change and development. The COP conference is an important avenue for us to showcase our work, and identify new partnerships and deepen already existing ones.
What are the expectations for COP28?
This year’s COP conference is marked by a sense of urgency. Escalating conflicts, economic instability, and the recent pandemic are creating uncertainty and putting pressure on public resources. Meanwhile, the year 2023 has illustrated the effects of climate change, with extreme weather phenomena as a striking phenomenon with links to the change. It has become apparent that alongside climate change mitigation, adaptation to the effects is urgently needed as well. Many of the countries hardest hit by extreme weather face financing gaps for adaptation measures. NDF targets its financing to low-income countries with these financing gaps and urgent needs.
COP28 will also involve the first ever Global Stocktake of the Paris Agreement. The Stocktake makes a detailed analysis of the progress achieved and steps needed to keep global warming below 1.5C o and avoid its worst impacts. While progress has been made, the Stocktake makes it clear that the global community is not on track to meet the goals set in the Paris agreement. The Stocktake also emphasises the need to increase financing to climate change adaptation alongside mitigation measures. At COP, Parties are expected to agree on measures which take the findings from the Stocktake into action. Parties at COP28 will also discuss the Loss and Damage Fund for Vulnerable Countries, targeting financing to developing countries that are the hardest hit by climate disasters, which was set up at COP27. Expected priorities at this year’s COP also include the role of financial institutions in climate action, and identifying pathways to fast-tracking transitions to renewable energy sources in different contexts.
Why is NDF participating?
At COP28, NDF can showcase its instruments offering flexible financing together with our strategic partners. Convening thousands of delegates from a wide variety of organisations, the COP conference is a leading event for forging partnerships for climate solutions. Through NDF-led events and discussions that our experts take part in, NDF can contribute to knowledge-sharing to mobilise financing for climate adaptation and mitigation in low-income countries. With our engagement, NDF can raise awareness of its work and the results achieved with Nordic climate financing and collaboration with our strategic partners.
NDF takes part in the COP conference together with other Nordic organisations in the Nordic Pavilion. Events at the Pavilion showcase Nordic climate solutions, our values, and partnerships. Together, NDF and our partners bring concrete solutions to addressing the financing gaps for building a more sustainable future.
How can NDF contribute to a successful outcome of COP28?
The need to mobilise affordable, easily accessible climate financing for low-income countries has been emphasised as a key discussion item ahead of COP28. NDF’s work at the nexus of climate change and development focuses on creating solutions for this need. NDF’s flexible financing brings together both the public and private sectors and targets both climate adaptation and climate change mitigation. NDF financing has a catalytic impact, providing high-risk patient capital in the early stages of projects for climate solutions. The financing offered by NDF contributes to an enabling environment that de-risks and paves the way for future private sector investments.
As a concrete climate finance tool of the Nordic countries, NDF provides tangible solutions and financing to the priorities promoted by the Nordic countries in the negotiations. Our work is built on Nordic values, including a strong focus on gender equality at the centre of impactful climate action. The Nordic countries are committed to working together with our partners to maximise our collective impact.
At COP28, NDF will share learnings from its work for climate solutions, and foster partnerships to leverage financing for projects in lower-income countries. NDF will organise events highlighting our work with a few thematic areas that are central to this year’s conference. Our event on blended finance will draw attention to how NDF financing paves the way for mobilising private sector financing to climate action in our target countries. Drawing on Nordic values and expertise, we will also showcase our work with gender equality, highlighted in how we measure our results and impact. NDF will also showcase the work we do with our partners for a sustainable blue economy, targeting financing to the resilience of coastal communities and ocean-based livelihoods, and ocean health and biodiversity.
What are NDF’s key messages at COP28?
Through NDF’s involvement in COP28, we can highlight NDF’s work as a relevant, value-adding instrument of the Nordic countries to support the goals of the Paris Agreement in concrete ways through our close collaboration with our strategic partners. Through its work, NDF supports the global climate and development agenda in the most vulnerable countries through its clear focus, global partnerships, and flexible financing toolbox. NDF acts now.
