NEW YORK, United States of America; September 22, 2019–
P4G Annual Board Meeting
On September 22, Director-General, Frank Rijsberman, Assistant Director-General, Susanne Pedersen, and Director Mahamadou Tounkara took part in the P4G Board Meeting, hosted by the United Nations Global Compact. Denmark’s Minister of Development Cooperation, Rasmus Prehn, gave the welcome remarks of the meeting, sharing Denmark’s 70% emission reduction target by 2030.
CEO and Executive Director of the UN Global Compact, Lise Kingo, hosted the meeting. During the event, she gave the announcement that 87 companies already adopted the 1.5°C target in a new initiative launched at the UNGA Climate Action Summit.
GGGI is one of the partner organizations of P4G (Partnering for Green Growth and the Global Goals 2030), an initiative that was created in 2018 to develop public-private partnerships for the SDGs and the Paris Climate Agreement.
Infrastructure, Cities and Local Action Track Meetings
Following the board meeting, Dr. Frank Rijsberman and Susanne Pedersen took part in the Infrastructure, Cities and Local Action Track Meetings at the UN HQ. During the Climate Action Summit, GGGI joined numerous newly launched coalitions, including the Coalition for Urban Transitions which, during the event launched the Climate Emergency, Urban Opportunity report to which GGGI representatives contributed.
Climate and Energy Minister of Denmark, Dan Jorgensen, explained during the Energy Track event how renewables are now a cheaper alternative to fossil fuels, and last Sunday, Denmark produced 130% of its consumption from wind energy and adopted the target of reducing emissions 70% by 2030.
Increasing Climate Investment
Lastly, the Increasing Climate Investment event, hosted by the Prime Minister of Denmark, Mette Frederiksen, took place, with participation from GGGI representatives. Insurance and Pension Denmark made the announcement that it invested $15 billion in renewable energy projects in Denmark, North America, and Asia, and commits to invest another $50 billion in the upcoming decade.
Also, during the event, the Development Minister of Denmark, Rasmus Prehn, provided 3 key reasons why international private capital isn’t yet flowing to Renewable Energy: (i) Lack of policy framework; (ii) Perceived risks; and (iii) Lack of bankable projects. In attempt to overcome these challenges, Denmark will increase and utilize blended finance solutions.
(Photo: SPC Director, Mahamadou Tounkara, and the President of Ethiopia, Sahle-Work Zewde)