GO Climate Finance Forum : Unlocking Access to Climate Finance for OCTs

In response to the urgent needs of the 25 European and British Overseas Countries and Territories (OCTs) under the Green Overseas Programme, a five-day forum is being organized in Brussels from October 7 to 11, 2024, to develop solutions to the challenges of accessing financing for the energy transition in these territories.

WHY A CLIMATE FINANCE FORUM?
Exposed to risks such as the increasingly frequent occurrence of hurricanes, the progressive submersion of their territories, and more, the European and British OCTs necessarily need access to multiple sources of climate finance, to understand the specific requirements to meet the eligibility criteria of available funds, to overcome potential barriers, and to take the appropriate steps to benefit from these financial resources.

This event thus addresses a concrete need for technical support for the 25 OCTs, helping them identify and secure the necessary funding to implement climate resilience and energy transition initiatives in their territories for the benefit of their populations. To meet this need, the OCTs aim to work together to explore new solutions, and the Climate Finance Forum organized by the GO Programme offers a wide range of meetings and activities, from a series of plenary sessions to small-group workshops.

A 5 DAY DEEP DIVE

“The GO CFF is an important event in the 2024 calendar for EU and UK OCTs, taking place in Brussels from 7-11 October 2024, in advance of COP29. The Forum will provide a unique platform for OCTs to share their experiences of accessing and using climate finance, articulate priorities, agree next steps for collective advocacy and drive forward the political momentum needed for improved climate finance across all OCTs.” says Ahab Downer, GO Programme Director

Day 1: Foundations of climate finance

An introduction to the GO Climate Finance Forum with insights from experiences with the multilateral and bilateral climate funds and private finance mechanisms, as well as strategies for building financial resilience against climate and disaster risks in public and private sectors.

Day 2: Practical applications of climate finance

Participants will gain practical insights into strengthening climate-responsive public financial management (PFM) in OCTs, and explore barriers and opportunities for unlocking private finance to support climate resilience measures, with case studies from successful Public-Private Partnerships (PPP).

Day 3: Navigating climate finance access

Participants will gain insights into various climate finance opportunities available through bilateral and multilateral institutions. The sessions will cover key access modalities, successful experiences in securing funding, and capacity-building measures that can help OCTs develop bankable projects. They will also participate in interactive games that bring the concepts of financial resilience to life, allowing them to better navigate the challenges and trade-offs involved.

Day 4: Innovations in climate finance

Participants will gain an in-depth understanding of recent innovations aimed at strengthening financial resilience in OCTs. Additionally, they’ll learn about emerging mechanisms for private financing and have the chance to explore various tools and opportunities through interactive discussions.

Day 5: Shaping the future of climate finance in OCTs

Delegates will have the opportunity to collaborate in developing a unified agenda to enhance climate finance for OCTs, drawing from the week’s discussions and insights. The day is critical for consolidating the week’s lessons into actionable priorities for a High-level Working Group focused on improving climate finance across OCTs.

MORE THAN 100 PARTICIPANTS

The CFF will gather in Brussels experts and participants from around the world, including:

• a consortium of climate finance experts;
• as well as government members and representatives of the administrations from the 25 countries and territories of the Green Overseas Programme;
• representatives from the private sector;
• representatives from civil society, engaged in pursuing objectives related to these themes;
• and, with the support and guidance of the OCT Youth Network, representatives of younger generations from the territories will also be invited to raise awareness about the climate issues and challenges faced by the OCTs and to engage them in future international events.

“The EU and UK overseas territories and countries face a common set of challenges in accessing finance and taking action to build climate-resilient societies and low-carbon economies. The GO CFF will provide a stepping stone to overcoming these obstacles. Through knowledge exchange, exercises and examples, delegates will be better able to identify sources of climate finance, investment opportunities, and instruments for making their own public finances more resilient. We also hope the forum will galvanise collective action on climate finance for OCTs at regional and international levels.” concludes Emily Wilkinson, Main Fellow Researcher, ODI 

This five-day event will lead to the creation of framework documents, which will subsequently be presented by the Green Overseas Programme team and its partners, allowing the voice of the OCTs to be heard at upcoming international events. These include the next UNFCCC COP29 in 2024 in Baku, Azerbaijan, the UNOC, the United Nations Ocean Conference to be held in Nice, France, in June 2025, and the UNFCCC COP30 in 2025, which will take place in Belém, Brazil.