Global taxonomies on adaptation and resilience launched at COP28

Source(s): United Nations Office for Disaster Risk Reduction International Institute for Environment and Development (IIED) Climate Bonds Initiative
global taxonomies event at COP28
UNDRR

The United Nations Office for Disaster Risk Reduction (UNDRR) officially launched two global taxonomies at COP28 on 4 December 2023 in the Iraq pavilion.  

The first one is the Climate Resilience Classification Framework developed with the Climate Bonds Initiative (CBI). The framework provides a structured and standardized approach for investors to assess, categorize, and align their investments with climate resilience goals. As such, it enables the mobilization of capital markets for climate adaptation and resilience. 

The second one is part of the Budget Tagging for Disaster Risk Reduction (DRR) and Climate Change Adaptation (CCA) Design Guide developed in collaboration with the International Institute for Environment and Development (IIED). This taxonomy allows public authorities to identify and track their CCA- and DRR-related budget allocations and expenditures. In doing so, it helps governments uncover funding gaps, monitor the effectiveness of spending, facilitate decision-making, improve transparency, and raise awareness among critical partners. 

The launch event was moderated by Abhilash Panda, Deputy Chief, Intergovernmental processes, Interagency Coordination and Partnerships, UNDRR. The panelists included public and private sector experts including: Samia Sulaiman, National Secretary of Suburbs, Ministry of Cities, Brazil; Yousif Muayad Yousif, Director of the Directorate of Climate Change, Ministry of Environment, Iraq; Rob Wesseling, President and CEO, the Co-operators Group; Sean Kidney, CEO, Climate Bonds Initiative; Emma Haight, Head of Infrastructure Debt, Fidelity International; and, Diana Cardenas Monar, Research Fellow, Institute for Climate Economics and consultant, IIED. 

The panelists discussed the importance of accessing more financing for disaster prevention and climate adaptation by identifying gaps in public spending through tagging and tracking of expenditures, leveraging capital markets for investments in climate resilience, developing innovative financing models, and working with the private sector to scale up investments. 

UNDRR also contributed to other events linked DRR financing at COP28, including on 2 December 2023: Adaptation Finance for Commercial Banks Operating in Emerging and Developing Markets; and on 3 December 2023: Enabling Private Finance for Adaptation: Practical Actions to drive progress on the Sharm El-Sheik Adaptation – Marrakech Partnerships. 

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