São Paulo Climate Week - NAP Implementattion Alliance

Alice de Moraes Amorim Vogas, Liderança Estratégica em Política Climática | Gestão Programática de Eventos Globais | Parcerias Multissetoriais & Filantropia | Governança & Representação Internacional.

During the São Paulo Climate Week, which wraps up today, we as #COP30 Presidency in the context of the NAPs Implementation Alliance had the pleasure to partner with Glasgow Financial Alliance for Net Zero (GFANZ) to host a roundtable with representatives from the financial sector to:

1. Discuss the landscape of investments in resilience

2. Learn from their concrete experiences of designing financial instruments to fund #ClimateAdaptation, and

3. Understand how NAPs are (or are not) being used by financial institutions as guiding stars to identify the demand for funding and decide on how to allocate it.

I´ve learned a lot reading the Report from GFANZ, particularly the cases of AON and the Government of Jamaica, the Zurich and Maersk case presented by Andressa Meireles, and the Rabobank case presented by Fabiana Alves on Renova Pasto.

My 4 takeaways from the session were:

1. Robust data infrastructure is a key investment for any country seeking to attract funding for NAP implementation.

Nobody needs to start from scratch, but adapting and integrating the different platforms that already exist at the federal, state, and municipal levels is a must. The need to make public vulnerability data available at the ZIP-code level was strongly emphasized.

2. Most private financial institutions are not using NAPs as a policy reference when evaluating countries’ priorities for adaptation investment.

Countries need to change the narrative and be bolder in promoting their NAPs to engage the private financial sector.

3. We face a systemic problem: there is little incentive for any company, country, or state to disclose its level of vulnerability.

The more vulnerable you are, the higher your insurance costs or the lower your capacity to access credit. How can we change that to better reward prevention and precaution?

4. The private financial sector can help countries and businesses beyond its traditional financial instruments, through know-how and project-structuring capacity.

Many financial institutions have in-house expertise that would take developing countries years to build within their own public institutions. The challenge is how to bridge the demand for this kind of support with its supply.

We hope to continue partnering with institutions to continue engaging the finance sector with NAPs implementation debates at the #NYCW, #COP31 and beyond. If you have ideas or suggestions, reach out to us.