Let’s Get To Scale: Climate Finance for People and Planet

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Let’s Get To Scale: Climate Finance for People and Planet

Follow the event on Twitter #ClimateActionWBG

In this high-level event, World Bank Group President Malpass introduced SCALE – Scaling Climate Action by Lowering Emissions – the new partnership to catalyze transformative climate action. The panel showcased the benefits of emissions reduction programs that utilize results-based climate finance as an innovative tool to support development goals, help countries achieve their national climate goals, and generate high-quality, high-integrity emission reductions, ensuring benefits are shared fairly among people and communities.

Speakers are listed below

00:00 Opening remarks
01:47 SCALE – Scaling Climate Action by Lowering Emissions
04:06 Remarks by David Malpass, WBG President
07:45 Panel discussion
07:54 Emissions reduction programs in Mozambique
14:26 Tanzanian efforts to address climate-related challenges
18:41 Solutions in Vietnam
26:00 Closing remarks and animated video

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“[SCALE] will pool funding from the global community, provide grant payments on a results-basis to client countries for lowering greenhouse gas emissions, and it will expand funding sources for global public goods.”

— David R. Malpass, President, World Bank Group 

"We had a project on rapid bus transport facilities, where we are constructing the highways where the buses can travel faster, and this project has been able to reduce 900 million tons of carbon per year in Tanzania."

— Samia Suluhu Hassan, President of United Republic of Tanzania

"Mozambique was the first country in the World to get credit for reducing carbon. We’ve received USD$6.4 million and 70% of this amount is flowing to communities.”

— Filipe Jacinto Nyusi, President of Mozambique

"We're setting a very high commitment on transitioning from coal energy to offshore wind energy.”

— Tran Hong Ha, Minister of Natural Resources and Environment, Vietnam

Read the Live Blog

Senior Climate Finance Specialist, World Bank

Hello everyone! Welcome to today’s event, Let’s Get To Scale: Climate Finance for People and Planet. We'll start the event in a few minutes. Please stay tuned and submit your comments and questions using the live chat.
Matt King

You can join the conversation on social media using the hashtag #ClimateActionWBG. This event will also be live-streamed on our World Bank Twitter and YouTube accounts.
Matt King

While we wait for the event to begin, we encourage you to visit the newly-launched webpage (https://www.worldbank.org/scale) for the Scaling Climate Action by Lowering Emissions (SCALE) facility, which we will be discussing during today’s event.
Matt King

Welcome everyone! I’m Matt King, a Senior Climate Finance Specialist with the World Bank. I will be your friendly neighborhood climate finance expert on today’s live chat.
Matt King

Please send your questions through the live chat on this page and join the conversation by using the hashtag #ClimateActionWBG on social media. And be sure to check out the rest of our WB events here at COP27, which you can find here: https://tinyurl.com/mwpuu9m4.
Matt King

Listed on this page you can see the speakers participating in today’s panel discussion. The event just opened with a welcome message from Jennifer Sara, World Bank's Global Director for Climate Change, a video highlighting the SCALE partnership that we are launching, and now WBG President David Malpass is introducing our panelists.
Matt King

Indeed, as President Malpass mentions, results-based climate finance (RBCF) can be a helpful tool in our global climate finance toolkit.
Matt King

RBCF can help provide payments to countries once emission reductions have been generated and verified, helping to incentivize long-term investment sustainability, and motivate needed policy changes.
Matt King

And indeed! The capacity that SCALE will help to build in countries will not only be used to access the results-based climate finance that SCALE itself will provide, but it can also be used to access carbon markets!
Matt King

We are really honored to have President Nyusi join the panel today.
Matt King

Since 2008, the World Bank’s Forest Carbon Partnership Facility (FCPF) has supported Mozambique in laying the groundwork for REDD+, culminating in the design and adoption of a large-scale Emission Reduction Program and the signing of an Emission Reductions Payment Agreement (ERPA) in 2019 to support the program’s implementation: https://tinyurl.com/4ymyx2de.
Matt King

The program includes conservation and climate-smart agriculture, sustainable supply chains for cash-crop production, multipurpose plantations, land restoration, more efficient charcoal production and consumption, and improved management of protected areas.
Matt King

And indeed, in October 2021 Mozambique became the first country in the world to receive payment from the FCPF - $6.4 million - for verified emission reductions: https://tinyurl.com/yrhku3xx.
Matt King

Mozambique's leadership of the Maputo Declaration for Protection of Miombo Forest is critical for the region, along with its neighbors, in using integrated landscape management approaches to not only reduce GHG emissions but also to enhance climate resilience!
Matt King

And indeed, results-based climate finance - including from initiatives like SCALE - can help contribute to important cross-sectoral landscapes and forestry approaches like this.
Matt King

Social inclusion is a central element of the design of all SCALE programs. An associated fund - Enabling Access to Benefits while Lowering Emissions (EnABLE) – will enhance the inclusion of marginalized communities and indigenous peoples in all programs under the partnership through specially designed benefit sharing arrangements.
Matt King

And this is especially important for the types of landscape management initiatives that Mozambique is leading.
Matt King

Read more about the EnAble trust fund (which is associated with SCALE) here: https://tinyurl.com/mtzupkcy
Matt King

We're also honored that President Hassan from Tanzania is joining our panel now.
Matt King

We were happy to partner with Tanzania on energy access using results-based climate finance that SCALE will provide. From 2016 to 2018, the World Bank’s Carbon Partnership Facility (https://cpf.wbcarbonfinance.org/) supported seven small hydropower plants and a biomass plant to supply electricity to 53,000 Tanzanian households, lowering emissions by nearly 40,000 tons of CO2: https://tinyurl.com/bde8e6re. This was funded through results-based grant payments for verified emission reductions.
Matt King

The Tanzania Rural Electrification Expansion Project (TREEP) supports electrification in rural areas – including enhancing the use of renewable energy resources. Additional Financing was just approved by the WB Board in September to continue this engagement: https://tinyurl.com/ymfw68p9.
Matt King

So great to hear President Hassan and President Malpass talking about clean cooking! This is something I've personally worked on for almost a decade, and is sometimes forgotten because it is so cross-sectoral. Great that it is getting attention.
Matt King

And indeed, not only does clean cooking help reduce GHG emissions (and should be supported by SCALE and its RBCF!), but it delivers incredible benefits for women and children, including reduced indoor air pollution, reduced time needed to collect biomass away from the home, less time spending tending open fires inside their homes. I hope we'll get to support some of the WB's clean cooking projects, especially in collaboration with its Clean Cooking Facility. https://www.esmap.org/clean-cooking-fund
Matt King

We are happy to welcome Minister Ha to the panel, and are honored he has joined the discussion.
Matt King

Vietnam has pledged to achieve net-zero emissions target by 2050, a welcome target! Although doing so will not be easy, it is a challenge on which we are keen to work together.
Matt King

For instance, the agriculture sector is the second-largest contributor of GHG emissions in Vietnam, at about 1/3 of total emissions in 2020. And about half of the agriculture sector emissions, and over 75 percent of methane emissions of the country, come from one single commodity: rice. President Malpass indeed highlighted this in his introduction of Minister Ha.
Matt King

Vietnam has accumulated extensive experience in low carbon rice production techniques and in building a low carbon rice value chain: https://tinyurl.com/3zzzzu6f. Through the World Bank supported Vietnam Sustainable Agricultural Transformation Project (https://tinyurl.com/4z7668y3), we are already helping Vietnam to reduce emissions by 1.5 mt CO2 on a pilot basis.
Matt King

Results-based climate finance from SCALE may be able to help Vietnam scale up GHG mitigation in low-carbon rice, as President Malpass described, as well as the just energy transition activities that Minister Ha has just talked about.
Matt King

President Malpass concludes today’s discussion. Thank you to everyone for your comments, questions, and ideas. You can continue the conversation with us in the following ways:
Matt King

• Engage on social media with the hashtag #ClimateActionWBG
• Follow us @WBG_Climate on Twitter
• Read more about the new SCALE partnership that was discussed today here: https://www.worldbank.org/scale
• Find another WB event during COP27 to join through our schedule: https://tinyurl.com/mwpuu9m4
Matt King

Huge thanks to our panelists, as well as President Malpass, who shared their insights with us today. Please check back soon for a recording of the event, which will be made available on this page.
Matt King

This video is a nice conclusion to the event - we look forward to working with Mozambique to support its the regional miombo forest initiative with SCALE, especially since it sits at the intersection of mitigation and adaptation!

And before you go, check out our upcoming events at https://live.worldbank.org/cop27 and set reminders to join us live throughout COP27. Thanks again for tuning in today!

World Bank Group at COP 27

Join us for a series of live events on climate change.

Nov. 8: Climate Finance (SCALE)
Nov. 9: Country Diagnostic (CCDR)
Nov. 11: Just Transition Away from Coal
Nov. 14: Women and Climate Action
Nov. 15: Hydrogen for Development
Nov. 16: The Blue Economy
Nov. 16: Nature-smart economies
Nov. 17: Thriving Green Cities