COP28: sustainable investing the new bottom line for financial sector

Investing in sustainable projects should be a primary focus for the financial sector, the Luxembourg Sustainable Finance Initiative (LSFI) is telling decision makers at COP28 in Dubai.

Speaking to OnePoint5Media and Allied4Future, Nicoletta Centofanti, CEO, LSFI, and Maria Eugenia Tapia Rojo, the not-for-profit’s communication manager, shared their vision of how sustainable finance systems can be better shaped to deliver transformational societal change.

Watch what they had to say to me about their role in coordinating this transition, as they took time out from raising awareness about the critical role of the sector.

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COP28 UPDATE

Breakdown of financial pledges and contributions so far:

• Loss and Damage: $726 million
• Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion)
• Adaptation Fund: $133.6 million
• Least Developed Countries Fund: $129.3 million
• Special Climate Change Fund (SCCF): $31 million
• Renewable Energy: $5 billion
• Cooling: $25.5 million
• Clean Cooking: $30 million
• Technology: $568 million
• Methane: $1.2 billion
• Climate Finance: $30 billion from UAE, $200 million in Special Drawing Rights, and $32 billion from Multilateral Development Banks (MDBs)
• Food: $3.1 billion
• Nature: $2.6 billion