At the Global Climate Action Summit, the 42 financial institutions participating in the Climate Action in Financial Institutions Initiative released a Joint Statement demonstrating how they are moving from commitment to action – both individually and collectively – in supporting local climate action.
Aligned with the objectives of the ‘Talanoa Dialogue’, the Statement takes stock of over 40 new and existing commitments, programs and efforts of financial institutions supporting local climate action.
Institutions are advancing four priority areas for the mobilization of finance and technical support, with a special focus on supporting subnational climate action:
- the vertical integration of Nationally Determined Contributions (NDCs) at the city and subnational level;
- municipal technical assistance and financing;
- strengthening city- and subnational- capacity for resilience; and
- subnational climate-focused financial instruments and products.