2023-Public-Sector-Perspectives

Blended finance can play a key role to support least developed countries, however, it is crucial for the wide range of actors involved (donors, DFIs, multilateral development banks, impact and commercial investors, local financial institutions, national and local governments, etc.) to focus on supporting national development priorities, including job creation and SME-development, emphasize gender equality, support health systems, and target sectors that are critical for inclusive, resilient and sustainable development. Specifically, blended finance should be used strategically to develop sustainable domestic market systems and build the capacity of local capital market actors. Conclusion The evidence is clear: climate is changing rapidly and irreversibly. As a result, not only does there need to be an increased focus on innovations, monitoring and regulations of carbon and pollution emissions but there also needs to be a fostering of partnerships between all relevant stakeholders in both the private and public sector. Without the latter, it will be practically impossible to fully usher a structural transformation across societies and economies. This is especially relevant for forests such as the Congo Basin, that are critical to the future of the planet. The private sector has a key role to play alongside governments and policymakers in developing countries such as the ones where the Congo Basin is located where, in most cases, current economic and financial norms and institutions are unable to value and create a positive financial return for nature-positive investment. As David Attenborough said, “we are, after all, the greatest problem-solvers to have ever existed on Earth. If working apart, we are a force powerful enough to destabilize our planet, surely working together, we are powerful enough to save it”. Bibliography 1. OECD, Green Social Sustainability and Sustainability-linked Bonds, 2022 2. OECD, Blended Finance in the Least Developed Countries, 2020 3. Citi, Carbon Credits Ready for Take-off, 2022 4. Citi, Global ESG Report, 2021 5. UN, the Congo Basin and Climate Change 6. IMF, climate change and chronic food insecurity in SSA, September 2022 7. UNEP, the Future of Tropical Rainforests 8. NICFI, The Congo Basin 9. Rainforest Foundation Norway, The Congo Basin: Green Treasure Under Threat 10. LSE, Just Nature: How Finance can Support a Just Transition at the Interface of Action on Climate and Biodiversity 11. Mckinsey & Company, Nature is Now, 2022 12. Center for Global Development, The IMF, Africa, and Climate Change — Making Sense of an Implausible Trilogy 13. WEF, Scaling Investments in Nature — the Next Critical Frontier for Private Sector Leadership, 2022 14. Citi internal, Blended Finance 15. WWF, Congo Basin 16. Voxdev, Lasting Effects of Colonial-era Resource Exploitation in Congo: Concessions, Violence and Indirect Rule 17. National Geographic, Belgian King Establishes Congo Free State 18. BBC, the Bold Plan to Save Africa’s Largest Forest 19. CDP, Africa Report The evidence is clear: climate is changing rapidly and irreversibly. As a result, not only does there need to be an increased focus on innovations, monitoring and regulations of carbon and pollution emissions but there also needs to be a fostering of partnerships between all relevant stakeholders in both the private and public sector. Citi Perspectives for the Public Sector 83